RTS : 827 | Brent spot: 38.2 | RUB/USD : 71.00
The past week has brought nothing special to investors in emerging markets — MXEF added just 0.4%, while oil prices fallen about 5% after long winning steak from january lows.
Russian equity market generally flat for last five trading days showing some independency to oil prices.
Global markets start to consolidate after nice move for previous couple of week as investors switched to wait-and-see model ahead FED meeting for today.
Investors want to hear the FED assessment of the prospects for the global economy — further rate actions will largely depend on this.
I feel that the Russian equities correction would be a logical continuation as oil prices at these levels is not supported by fundamental factors.