Noticeable weakening of the ruble and new signals from Trump on Ukraine. Financial market review from September 8

Leading world currencies hit multi-month highs. Trump announced contacts with Vladimir Putin and European leaders this week, Ukraine conflict settlement to be discussed

Currency

The Chinese yuan exchange rate rose significantly on the Moscow Exchange during the trading session on September 8. By 19:00 Moscow time, the yuan exchange rate was 11.59 rubles, which is 19 kopecks higher than the closing level of the previous trade. Earlier, the yuan rose above 11.6 rubles for the first time since April 9.

The official exchange rate of the US dollar against the ruble, announced by the Bank of Russia on September 9, increased by 0.78 rubles and amounted to 82.34 rubles. The official exchange rate of the euro against the ruble, announced by the Bank of Russia on September 9, increased by 1.09 rubles and amounted to 96.60 rubles.

The Central Bank of the Russian Federation calculates official rates based on data from credit institutions' reports on the results of interbank conversion transactions on the over-the-counter foreign exchange market.

On the global currency market, the dollar index against a basket of six major currencies DXY rose and by 20:30 Moscow time was around 97.6 points.

Stock

The main trading session on the Moscow Exchange ended with mixed movements in the main indicators. The Moscow Exchange Index rose by 0.7% and closed at 2921 points. The RTS Index fell by 0.3% and ended the trading session at 1117 points.

US President Donald Trump intends to speak with Russian leader Vladimir Putin in the next few days. “Very soon. In the next few days,” Trump responded to a question from reporters at Andrews Air Force Base near Washington on Sunday, September 7.

Trump said he was ready to introduce the second phase of restrictive measures against Russia. According to American media, he answered positively to a journalist's question about whether he was ready for such actions. The president did not provide any details. Trump considers additional duties imposed on India to be the first phase of anti-Russian measures. Washington justified these measures by the fact that Delhi buys oil from Russia.

The US president also said that some EU leaders would visit the White House early this week to discuss a peace deal. "Some European leaders will be coming to our country on Monday or Tuesday individually, and I think we'll get this sorted out," he concluded.

The main indicators of the US stock market showed an upward trend in the first half of the trading session. By 20:30 Moscow time, the Dow Jones industrial index rose by 0.1%, the S&P 500 index added about 0.2%, and the NASDAQ-100 rose by 0.5%.

Oil

Oil prices rose on the evening of September 8. The price of Brent oil futures contracts on the London ICE Futures exchange was around $66 per barrel by 20:30 Moscow time. The price of WTI oil futures on the New York Mercantile Exchange by this time was around $62.5 per barrel.

Over the past week, Brent and WTI contracts have fallen in price by more than 3% on concerns about the formation of excess supply on the market if OPEC+ countries increase production.

Ministers from the eight OPEC+ countries participating in voluntary oil production cuts agreed to increase production by 137,000 barrels per day in October at a meeting on September 7. The decision was made in view of the stable outlook for the global economy and favorable market conditions, reflected in low oil inventories, the alliance said in a statement. Meanwhile, the agreed increase in production over the weekend was smaller than previous ones.