Russian stocks climbed to over three-month highs on Monday on hopes that a meeting this week between U.S. President Donald Trump and his Russian counterpart Vladimir Putin might move Moscow and Kyiv closer to a ceasefire.
Russia’s main stock market index MOEX was 1.9% higher by 0825 GMT at 2,979 points, its strongest mark since April 29.
Russian markets have been particularly jittery for the past two weeks since Trump set an August 8 deadline for Russia to agree to peace in Ukraine or face tightened sanctions. All eyes are now on the August 15 meeting in Alaska.
The rouble was up 0.4% at 79.65 to the dollar, according to data compiled by LSEG based on over-the-counter quotes, and gained 0.2% to 11.04 against China’s yuan, the most traded foreign currency in Russia.
Uncertainty is likely to drive high volatility this week, said Alor Broker’s Alexei Antonov.
“On the one hand, everyone is waiting for a breakthrough in Russia-U.S. relations, as well as for the start of a resolution of the Ukrainian problem,” Antonov said in a note.
“On the other hand, the stock market has entered the overbought stage, and the desire to lock in profits is growing.”
Brent crude oil, a global benchmark for Russia’s main export, was down 0.6% at $66.18 a barrel.
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