Tax authorities start dealing with the Russian stock market
It seems that the world market is experiencing a standstill before a storm. The dollar rate has corrected after the growth of three days. The euro is becoming stable, trying to get used to its new position and status. Analysts are arguing about the change of the currency dynamics on the market, trying to find out, if it is going to last long or not. The dollar rate in Russia is registered on the level of 30 rubles 36 kopecks. World stock markets are experiencing a moderate reduction. The reduction on the Russian stock market is rather considerable: investors worry about investigations pursued by the state tax authorities, looking for financial irregularities among oil companies.
The dollar reduced by six kopecks to 30.36 rubles per one dollar. The reduction is to be interpreted as a correction after the growth of the American currency in the beginning of the week, when the dollar gained 13 kopecks in three days. Forexite news agency reported, yesterday's currency tender at the United Trading System was quiet, the volume traded was on the minimum level. The Central Bank reduced the norm of exporters' mandatory currency profit sales to 25 percent two days ago, but the reduction did not exert any influence on the market. Specialists believe, the market was prepared for that decision. The current ruble growth is explained with the stabilization of the euro against the dollar on the world market and an inconsiderable growth of world prices on oil too. Analysts forecast, the dollar rate will not either grow or fall in the nearest future, if no fundamental changes happen, of course.
Currency rates have been stabilizing on the money market for two days already: the euro and the dollar are trying to find balance around the level of 1 dollar 13 center per one euro. Now the euro costs $1.13.38 cents. The strengthening trend of the dollar against the majority of world currencies is still actual with the exception for the Japanese yen and the New Zealand dollar. The yen has been growing for several days (about 118 yens per dollar) and the New Zealand dollar has gained three percent during three days too.
The euro rate dropped a bit in Asia vs. the dollar and the yen yesterday. ForexPF news agency said, the euro slid against the background of the economic recession in the eurozone. The unemployment level in France in April and May turned out to be 0.2 interest points as high as it was calculated before. This fact increased investors' concern about the worsening of the European economy. The euro is also cheapening against the background of the improvement in American and Japanese economies. Japanese economists say, the expectation of the rise on American and Japanese stock markets supports the dollar and the yen. They also believe, the euro might slide to 132 yens per euro during the coming week. Citigroup analysts also forecast bad future for the European currency. The euro is expected to slide down to 1.1000 against the dollar or even lower by the end of the year. The reduction of rates by the European Central Bank in the third and fourth quarters will undermine the euro's attraction. In addition to it, the perspectives of the European economy are rather vague at the moment, which is very good for the dollar.
The negative news on the Russian stock market is connected with foreign economic factors first and foremost. They can not but show influence on all fields of the Russian economic activity. The market started going down two days ago after a series of contradictory messages about Russian oil companies (Yukos, first and foremost) underpaying taxes to the state budget. Russian tax authorities have already started investigating the issue. Analysts doubt about news reports saying that Yukos paid only 90 million rubles of taxes to the state budget. The news has definitely showed a negative influence on market members. The RTS index (the Russian Trading System) dropped by 3.8 percent yesterday, and the reduction continued today - 3.4 percent - the index reached the level of 477 points. Yukos and Sibneft stocks lost more than five percent of the cost, Lukoil, Surgutneftegaz dropped by two or three percent. The situation is more stable in other sectors of the market.
According to Medvedev, Ukraine's GDP may fall by another 5-10 percent in 2023 due to the continuation of the special military operation