Market Buzz: No movement as US, UK floors closed for holiday

Last week’s losses on Russian floors are expected to continue on Monday. Still, Russian stocks opened higher despite the neutral international outlook and lack of expected financial news. US markets are on holiday on Monday.

The London Stock Exchange
will be closed on Monday for a May bank holiday, and US floors will
be closed for Memorial Day. 

Investors are awaiting the Wednesday release of the Federal
Reserve’s minutes, particularly Fed chief Ben Bernanke’s testimony
on the US economic outlook and monetary policy. A Bank of Japan
policy meeting on Wednesday and eurozone data on manufacturing and
service sector activity are also expected to be key drivers this
week.

Russian stocks posted losses on May 24: The MICEX closed down
1.18 percent at 1380.88 and the RTS ended 0.88 percent lower at
1388.52.

European floors also closed in the red last Friday: London’s
FTSE 100 dropped 0.63 percent to 6,654.34, Germany’s DAX 30 fell
0.56 percent to 8,305.32 and the French CAC 40 slid 0.26 percent to
3,956.79.

On Friday, investors seemed unsure whether Thursday’s
sell-offs were a flash crash or signs of a deeper correction on the
way. Major European indicators dropped more than 2.0 percent after
the Nikkei plunged due to weak China flash PMI data, as well as
signs that the US Fed may soon draw down its massive stimulus
program.

US stocks traded flat Friday, apparently gun-shy after the
Nikkei’s 7.3-percent dive on Thursday. The Dow Jones Industrial
Average closed up 0.06 percent at 15,303.10, the S&P 500 slid
0.06 percent to 1,649.60 and the Nasdaq fell 0.01 percent to
3,459.14.  

Asian stocks traded mixed Monday, with Japan’s Nikkei down
3.11 percent following Thursday’s slump and comments from Chinese
leader Xi Jinping raising concerns about the slowing Chinese
economy. Hong Kong’s Heng Seng climbed 0.22 percent, the Shanghai
Composite traded flat, South Korea’s Kospi rose 0.32 percent and
Australia’s S&P/ASX 200 fell 0.63 percent.

The Bank of Japan will release the minutes of its most recent
monetary policy meeting on Tuesday, which are expected to offer the
bank’s perspective on worldwide economic conditions.

Oil prices are lower Monday, with Brent losing 0.3 percent and
WTI down

This article originally appeared on: RT