Today we should pay attention to the shares of oil companies
However, during the day, the conflict did not develop: the sides only exchanged harsh statements. But most importantly, we did not hear particularly negative statements and threats of new sanctions from the EU. Therefore, there is a mature thought that the incident will remain only between the two countries and will soon fade away. The unpleasant residue remains, but it is not a very good reason to continue selling out.
Today the external background favors purchases: after yesterday's small correction, the US futures are recovering, but most importantly, the dollar continues to decline against the basket of fiat currencies. So, Euro-dollar pair shows all the signs of fixing above 1.20 and opened the way to 1.214.
The weakness of the dollar is pushing up not only stock indices but also commodities. Oil adds interest and approaches $68 a barrel. It is possible that the $70 mark may be crossed. On the rising oil prices it is worth paying attention to the shares of oil companies, first of all, which is fundamentally undervalued, is the main beneficiary of Russia's increased oil production since May this year, and lately reacted weakly to the growth of oil.
Gold is struggling for resistance at $1770-1790 per troy ounce. The lag of gold from growth of cost of other basic commodities and decrease of dollar gives hope that the given area will be passed that only will strengthen growth of a precious metal in the further. In this connection, shares of gold producers are worth keeping in portfolios, and if resistance is broken through, one might try to increase their share.
Ferrous metals traded worse than the market yesterday. This is understandable: political risks caused profit taking on those securities, which grew strongly at the end of last week. For now, shares of companies in the sector should at least be kept in portfolios, and speculative-minded investors should buy at the first signs of their new growth. The same applies to .
It looked very decent yesterday, dropping only 0.3%. This shows that big investors, including foreign ones, were not too scared by the "Czech scandal". So no one is cancelling Sber's hike above 300 rubles just yet.
The ruble is slightly up against the dollar in morning trading, but the struggle for the 76 mark continues. In the coming days, the Russian currency will be supported by the tax period, but this will not allow the ruble to strengthen much.
We still believe that shorts on the USD-RUB pair are more dangerous and less promising than longs, as long as the pair is not near 80. Weakness of the domestic economy, a declining trade balance, combined with the repurchase of currency in the SWF, as well as the ever-present political and sanctions risks will hinder the growth of the ruble.