Russia's RTS index gained more than 4pc over the final week of December and the first seven trading days of 2012, closing at 1,453 points. “Investors are clearly in the mood to push markets higher at the start of 2012, and this trend should continue until some bad news stops it in its tracks,” Troika Dialog chief strategist Chris Weafer says, noting the improving economic indicators and high oil price. Inflation for 2011 was confirmed at 6.1pc, a post-Soviet low. “That may allow the Central Bank to further cut its refinancing rate early this year to try to boost growth. Brent is holding above the $113/bl level, partly on Iran fears and partly as a result of optimism about global growth. Of the two, the former has the potential to add short-term volatility, while the latter is the more important-looking over the course of the year,” Weafer adds.
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