Рубль и облигации — в центре внимания инвесторов, акции пока не очень привлекают

Рубль и облигации - в центре внимания инвесторов, акции пока не очень привлекают
—Станислав Клещевглавный аналитик ВТБ 24 

Пятничная торговая сессия была показательной именно с точки зрения реакции участников рынка на календарный фактор. На валютном рынке окончание квартала было отмечено закрытием длинных позиций по рублю и достаточно динамичным отскоком наверх в паре USDRUB. Действительно, после 9%-ного укрепления курса рубля в 1 квартале, имеется неплохая прибыль, которую хотя бы частично стоит зафиксировать.

Но что касается рынка акций, то здесь мы наблюдали дальнейшие продажи. Даже отскок по валюте не смог оказать поддержку индексу ММВБ, потерявшему более 1% и вернувшемуся ниже 2000 пунктов. В данном случае не было прибыли, чтобы её фиксировать по итогам квартала. Инвесторы продолжали сокращать убыточные позиции. И такое поведение является неплохой иллюстрацией того, с каким настроением игроки входят в следующий календарный период. 

Действительно, в условиях анонсированного ЦБ РФ размеренного снижения ключевой ставки более интересным представляется игра на консервативном облигационном рынке, нежели игра в волатильные акции одного из emerging markets. Однако, котировки 10-летних ОФЗ уже пробивают отметку 8% годовых, фактически закладывая в цену ожидания снижения ставки на год вперёд.

При этом вне поля зрения инвесторов остаётся налоговый манёвр, который готовит Минфин в части снижения страховых взносов и повышения НДС в 2019 г. Инфляционный эффект от данного решения правительства может дополнительно замедлить цикл снижения ключевой ставки. При этом рост цен рублёвых облигаций вероятно окажется заметно меньше прогнозируемого. Как пишет Коммерсант со ссылкой на расчёты Минфина, ключевая ставка в 2019 г «без манёвра» составит 6.5% годовых, с манёвром должна будет держаться какое-то время на уроне 8.3% годовых. Соотношение прогнозируемой ведомством А. Силуанова ключевой ставки в 2019 году с текущей доходностью ОФЗ даёт пищу для размышлений о замене классических ОФЗ в инвестиционном портфеле флоатерами.

В разделе «Мнения» сайта Агентства экономической информации «ПРАЙМ» публикуются материалы, предоставленные аналитиками, трейдерами и экспертами российских и зарубежных компаний, банков, а также публикуются мнения собственных экспертов Агентства «ПРАЙМ». Мнения авторов по тому или иному вопросу, отраженные в публикуемых Агентством материалах , могут не совпадать с мнением редакции АЭИ «ПРАЙМ». Авторы и АЭИ «ПРАЙМ» не берут на себя ответственность за действия, предпринятые на основе данной информации. С появлением новых данных по рынку позиция авторов может меняться.

Представленные мнения выражены с учетом ситуации на момент выхода материала и носят исключительно ознакомительный характер; они не являются предложением или советом по совершению каких-либо действий и/или сделок, в том числе по покупке либо продаже ценных бумаг. По всем вопросам размещения информации в разделе «Мнения» Вы можете обращаться в редакцию агентства: combroker@1prime.ru.

Источник: 1prime.ru

cript>

132 комментария

Hey there! I realize this is kind of off-topic however I had to ask. Does running a well-established blog such as yours require a lot of work? I am completely new to operating a blog however I do write in my journal everyday. I’d like to start a blog so I can share my experience and feelings online. Please let me know if you have any kind of ideas or tips for new aspiring blog owners. Thankyou!|

Do you mind if I quote a couple of your articles as long as I provide credit and sources back to your blog? My blog site is in the very same niche as yours and my users would truly benefit from some of the information you provide here. Please let me know if this alright with you. Many thanks!|

Howdy would you mind stating which blog platform you’re using? I’m planning to start my own blog soon but I’m having a hard time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique. P.S My apologies for being off-topic but I had to ask!|

Today, while I was at work, my cousin stole my iphone and tested to see if it can survive a 30 foot drop, just so she can be a youtube sensation. My iPad is now broken and she has 83 views. I know this is completely off topic but I had to share it with someone!|

Magnificent goods from you, man. I have understand your stuff previous to and you’re just too wonderful. I actually like what you’ve acquired here, certainly like what you’re saying and the way in which you say it. You make it entertaining and you still care for to keep it smart. I can not wait to read much more from you. This is really a great website.|

The other day, while I was at work, my cousin stole my iPad and tested to see if it can survive a forty foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is entirely off topic but I had to share it with someone!|

Hello! I know this is kind of off topic but I was wondering which blog platform are you using for this website? I’m getting fed up of WordPress because I’ve had problems with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.|

An interesting discussion is worth comment. I believe that you should write more on this topic, it might not be a taboo subject but generally people do not talk about these issues. To the next! All the best!!|

Hey would you mind sharing which blog platform you’re working with? I’m planning to start my own blog in the near future but I’m having a tough time selecting between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something unique. P.S Apologies for getting off-topic but I had to ask!|

My partner and I stumbled over here different page and thought I should check things out. I like what I see so i am just following you. Look forward to going over your web page for a second time.|

After exploring a handful of the blog posts on your site, I honestly appreciate your technique of blogging. I added it to my bookmark webpage list and will be checking back soon. Please check out my website too and let me know your opinion.|

I have been surfing online more than 4 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my view, if all webmasters and bloggers made good content as you did, the net will be a lot more useful than ever before.|

of course like your website but you need to check the spelling on several of your posts. A number of them are rife with spelling issues and I in finding it very troublesome to inform the reality nevertheless I will surely come again again.|

First off I would like to say excellent blog! I had a quick question in which I’d like to ask if you do not mind. I was curious to know how you center yourself and clear your head before writing. I have had difficulty clearing my mind in getting my thoughts out. I do take pleasure in writing however it just seems like the first 10 to 15 minutes are usually wasted just trying to figure out how to begin. Any suggestions or tips? Appreciate it!|

This design is wicked! You obviously know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Excellent job. I really loved what you had to say, and more than that, how you presented it. Too cool!|

hello there and thank you for your info – I’ve definitely picked up anything new from right here. I did however expertise several technical points using this web site, as I experienced to reload the website lots of times previous to I could get it to load properly. I had been wondering if your web hosting is OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and can damage your high-quality score if ads and marketing with Adwords. Anyway I am adding this RSS to my email and could look out for much more of your respective interesting content. Ensure that you update this again soon.|

Magnificent goods from you, man. I’ve understand your stuff previous to and you’re just extremely excellent. I really like what you have acquired here, really like what you’re saying and the way in which you say it. You make it enjoyable and you still take care of to keep it sensible. I can’t wait to read far more from you. This is actually a great website.|

I feel this is among the so much significant info for me. And i’m satisfied reading your article. But should statement on few normal things, The web site style is ideal, the articles is truly nice : D. Just right process, cheers|

Thank you a lot for sharing this with all folks you actually recognise what you’re talking about! Bookmarked. Please also discuss with my site =). We will have a hyperlink trade arrangement between us|

I’ve been exploring for a little for any high quality articles or weblog posts in this kind of house . Exploring in Yahoo I finally stumbled upon this website. Reading this information So i’m satisfied to exhibit that I’ve an incredibly good uncanny feeling I discovered exactly what I needed. I most no doubt will make sure to don?t omit this website and give it a glance on a continuing basis.|

Good day! This is my first visit to your blog! We are a group of volunteers and starting a new initiative in a community in the same niche. Your blog provided us valuable information to work on. You have done a extraordinary job!|

Have you ever considered about adding a little bit more than just your articles? I mean, what you say is fundamental and everything. But think about if you added some great pictures or videos to give your posts more, «pop»! Your content is excellent but with pics and clips, this website could definitely be one of the most beneficial in its field. Terrific blog!|

Hmm it appears like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any tips for newbie blog writers? I’d genuinely appreciate it.|

Hi this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get advice from someone with experience. Any help would be greatly appreciated!|

I’ve been exploring for a little for any high-quality articles or weblog posts in this sort of house . Exploring in Yahoo I eventually stumbled upon this website. Studying this info So i’m happy to express that I have an incredibly excellent uncanny feeling I found out exactly what I needed. I most indubitably will make sure to don?t forget this web site and provides it a glance on a relentless basis.|

When I originally commented I clicked the «Notify me when new comments are added» checkbox and now each time a comment is added I get four e-mails with the same comment. Is there any way you can remove me from that service? Thanks!|

I really like your blog.. very nice colors & theme. Did you create this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to construct my own blog and would like to know where u got this from. thank you|

Wonderful blog! Do you have any recommendations for aspiring writers? I’m hoping to start my own site soon but I’m a little lost on everything. Would you recommend starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely confused .. Any tips? Bless you!|

Attractive element of content. I just stumbled upon your web site and in accession capital to claim that I acquire in fact loved account your weblog posts. Anyway I’ll be subscribing to your feeds and even I success you get admission to consistently fast.|

When I originally commented I clicked the «Notify me when new comments are added» checkbox and now each time a comment is added I get three emails with the same comment. Is there any way you can remove people from that service? Cheers!|

I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored subject matter stylish. nonetheless, you command get got an impatience over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly very often inside case you shield this increase.|

Howdy very nice blog!! Guy .. Beautiful .. Wonderful .. I will bookmark your website and take the feeds additionally? I’m glad to find numerous helpful info right here in the put up, we’d like work out extra strategies in this regard, thank you for sharing. . . . . .|

Hi! I know this is kind of off topic but I was wondering if you knew where I could locate a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having difficulty finding one? Thanks a lot!|

I used to be suggested this blog by means of my cousin. I’m now
not sure whether or not this submit is written by means
of him as no one else realize such specified approximately my trouble.

You’re amazing! Thanks!

Its like you read my mind! You seem to know a lot about this, like
you wrote the book in it or something. I think that you can do with a few pics to drive the message home a bit, but other than that, this is fantastic blog.
An excellent read. I’ll definitely be back.

Hey there, I think your site might be having browser compatibility issues.
When I look at your blog in Safari, it looks fine but when opening in Internet
Explorer, it has some overlapping. I just wanted to give you a quick
heads up! Other then that, amazing blog!

Nice post. I learn something new and challenging
on websites I stumbleupon everyday. It’s always helpful
to read content from other authors and use a little something from other websites.

Добавить комментарий

*