RTS Futures Gain as Oil Rallies on Growth Bets: Russia Overnight

Feb 18, 2014 2:32 am ET

Feb. 18 (Bloomberg) -- Russian stock futures rose as oil climbed for the first time in three days on speculation growth will improve in the U.S. and China.

Futures expiring in March on Moscow’s dollar-denominated RTS equity index increased 0.2 percent during New York hours to 134,970, after the 50-stock Micex Index rallied 0.8 percent yesterday to an eight-week high. The Micex added 0.2 percent as of 11:27 a.m. in Moscow today.

Ruble futures expiring next month showed the currency gained against the dollar. The ruble depreciated to a record against the central bank’s target basket after a surprise contraction in the nation’s industrial output, losing 0.5 percent to 41.1010 against the basket of euros and dollars by 6 p.m. in Moscow yesterday. Industrial output fell 0.2 percent in January from a year earlier, the federal statistics service said.

West Texas Intermediate for March delivery climbed 0.6 percent to $100.92 at the close of electronic trading in New York. China’s aggregate financing, the broadest measure of credit, reached 2.58 trillion yuan ($425 billion) in January, signaling momentum to sustain growth. The Thomson Reuters/University of Michigan preliminary index of consumer confidence held at 81.2 this month, topping the median estimate of 80.2 in a Bloomberg News survey of economists.

The RTS Volatility Index, which measures expected swings in the index futures, fell 1.8 percent today.

--Editors: Brendan Walsh, Dennis Fitzgerald