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Russian markets open flat as NATO escalation fears fade

11/17/2022 | 02:18am EST

LONDON, Nov 17 (Reuters) - Russia's financial markets were steady at the start of trading on Thursday, after Western leaders moved to cool escalation fears, saying a missile that killed two people in Poland was most likely a stray from Ukraine's air defence system.

Russian stocks saw volatile trade on Wednesday as the West scrambled to investigate the cause of the missile hit, with NATO holding an emergency meeting. But the Kremlin praised Washington's "restrained" response to the incident and Russian markets quickly recovered initial losses.

At 0650 GMT on Thursday, the Russian rouble was down 0.1%against the U.S. dollar at 60.4 and had gained 0.2% against the euro to trade at 62.75.

Russian stock indexes were mixed at the start of trading in Moscow. The dollar-denominated RTS index was down 0.1% to 1,162.9 points. The rouble-based MOEX Russian index was 0.1% higher at 2,228.6 points.

Analysts said traders were putting the incident in Poland behind them, and the Russian stock market was now likely trading in response to global commodity prices and fears of a worsening COVID outbreak in China, capping any potential upside.

"The main reason for the lack of continued growth is the weakness of the commodity market, which turned downwards on the deterioration of the COVID situation in China. This morning, base metals and oil are trading in the red zone - which will again hold back the stock market," analysts at Moscow-based Alor Broker said in a research note.

Against the Chinese yuan - an increasingly important currency pair for Russia - the rouble was 0.4% stronger at 8.461

Brent crude oil, a global benchmark for Russia's main export, was down 0.7% at $92.22 a barrel.

For Russian equities guide see

For Russian treasury bonds see (Reporting by Reuters Editing by Mark Potter)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.48% 0.65035 Delayed Quote.2.69%
BRENT OIL -1.31% 85.85 Delayed Quote.1.71%
BRITISH POUND / EURO (GBP/EUR) -0.21% 1.13782 Delayed Quote.0.96%
BRITISH POUND / US DOLLAR (GBP/USD) -0.19% 1.23808 Delayed Quote.2.50%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.37% 0.688905 Delayed Quote.0.25%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.25% 0.74935 Delayed Quote.1.72%
EURO / US DOLLAR (EUR/USD) 0.09% 1.08801 Delayed Quote.1.57%
INDIAN RUPEE / EURO (INR/EUR) -0.13% 0.011274 Delayed Quote.-0.06%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.12% 0.012256 Delayed Quote.1.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.20% 0.6479 Delayed Quote.2.27%
RTS INDEX 0.00%End-of-day quote.-41.03%
S&P GSCI BRENT CRUDE INDEX -0.69% 729.4476 Real-time Quote.0.57%
S&P GSCI CRUDE OIL INDEX -0.85% 432.4782 Real-time Quote.1.18%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.75154 Delayed Quote.-2.38%
US DOLLAR / EURO (USD/EUR) -0.07% 0.919109 Delayed Quote.-1.51%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.22% 69.5678 Delayed Quote.-1.91%
WTI -1.23% 79.226 Delayed Quote.0.75%
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