FUNDAMENTAL REVIEW OF FINANCIAL MARKETS 15/12/2023

FOREIGN CURRENCIES:

There is now a clear appetite for risks in the currency section - the weakening of the dollar occurred after the US Federal Reserve meeting, which indicated a possible easing of policy in the future. The euro rose in price after the ECB's decision to keep interest rates at the same level and abandon further policy easing.

The meeting of the Central Bank of England and the fate of the pound are developing by analogy with their European neighbors. Separately, it is worth highlighting that already 3 members of the Central Bank of England (previously there were 2) are in favor of raising the rate by 0.25% - an additional bullish trigger for the British.

Today it remains to wait for data from the United States - industrial production at 17:15 (Moscow time) and the PMI business activity index at 17:45. The first indicator is projected to grow, and the second, on the contrary, is negative for the greenback.

STOCK AND COMMODITY PLATFORMS:

American markets continue to strengthen after the dovish Fed meeting, demand is observed in almost all categories of indices.

In Asia, the zeal of the bulls is even more tangible - good macro data from China and the provision of additional liquidity to the Chinese Central Bank for $ 112 billion. The sentiment on the Hong Kong stock Exchange has significantly improved, the index of which is growing by more than 2 percent.

The Russian market fell to 3005.94 p yesterday. Market participants continue to take profits on long positions before the New Year holidays. Today, there are quite active purchases, after following the results of its meeting, the Bank of Russia increased the key rate by +100 bp to 16% per annum and announced good prospects for achieving the inflation target of 4% in 2024. The rate ceiling is close - for the stock section, this is a good trigger for growth.

Optimism is returning in the commodities section - the Brent brand increased by 2.65% to $76.64 against the background of an optimistic forecast by the IEA, which predicted an increase in oil consumption by 1.1 million barrels per day in 2024 against the backdrop of a global economic recovery.

THE CRYPTO MARKET:

Ledger: We have detected and removed a malicious version of the Ledger Connect Kit. A genuine version is being released that will replace the malicious file. Do not interact with any decentralized applications at the moment. We will keep you informed as the situation develops. Your Ledger device and Ledger Live have not been compromised.

A pretty strong blow to the holders of cold wallets. It is worth listening to the instructions of experts on not using decentralized applications.

Good luck and balanced investment decisions!