Christmas sales have come to stock markets

Christmas week in the West kicked off with sales. Moreover, since Monday morning, nothing foreshadowed the start of panic: Asian sites were bargained off relatively well and there was no large-scale desire to sell there. But with the opening of European exchanges, the markets fell.

The main reason for the negative dynamics of stock indices, many call the continuation of the victorious march of the coronavirus across the planet, and in particular its virtually victory in Europe, as well as information that the virus is mutating. However, these factors were also present last week. So it’s not about the virus, but about the desire of investors to fix profits by the end of the year in the absence of market growth drivers.

It is noteworthy that the American market managed to buy out a significant part of the drawdown by the end of the day: the S&P index closed with a loss of only 0.4%, and the Dow Jones generally went into a slight plus, although during the day futures for them fell by about 2%. This suggests that America is not yet ready to go into a deep correction, simply because there is nowhere to put money, except to invest it.

What awaits us today? The morning will be “red” again. American futures are down half a percent, oil is losing 1.6%, which yesterday was still able to stay above $ 50 per barrel, and is now fighting for this mark. The euro-dollar pair came close to the level of 1.22, dragging down the prices of commodity assets.

The shares of Sberbank, Gazprom, Norilsk Nickel and the Moscow Exchange now look the most promising for buying on a rebound. Moreover, it is possible that the Moscow Exchange will trade better than the market due to the fact that investors will name the growth of the exchange’s turnover as a reason for buying them.

But the oil industry should be postponed. The risk of oil going under the $ 50 mark is high, including due to the fact that large hydrocarbon producers may start hedging the prices of future supplies by selling oil futures.

General sales practically did not affect gold, which once again underlines that the current decline is not based on such fundamental reasons as the liquidity crisis. It is possible that big capital will again begin to pay attention to precious metals as the best protection against dollar devaluation and inflation. Therefore, it makes sense to take a closer look at the shares of gold mining companies, first of all, Polyus and Polymetal. Leaving gold quotes above $ 2,000 per ounce is only a matter of time.

The ruble exchange rate in the afternoon went above the mark of 75 rubles per dollar, but by the end of global trading it managed to compensate for some of the losses. However, we are pessimistic about the Russian currency, there are no reasons for its growth. By the end of the year, the dollar-ruble pair may well go closer to the 78 mark.

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