When will markets open on November 10?

Last week, the Moscow Exchange Index rose, the ruble strengthened slightly, and Brent crude oil fell to $64 per barrel. In the coming week, investors will focus on inflation data and currency market dynamics.

The Moscow Exchange Index gained a percentage point at the close of trading on Friday. The ruble strengthened slightly, while Brent crude oil fell to $64 over the week.

What kind of quotes can we expect next week? And what factors will influence them? Igor Vagizov, CEO of the investment company Investland, comments:

Igor Vagizov, CEO of Investland Investment Company: The first factor is geopolitical. When there is no significant geopolitical news, the market focuses on the value of money and interest rates, and the stock market closely monitors the dynamics of the bond market. Since the beginning of 2025, the stock market has significantly lagged behind the government bond market, so this difference, this delta, has a positive impact, especially on bank shares, which are no longer subject to sanctions pressure. Therefore, we are currently seeing a mixed picture in the stock market. On the one hand, there is no aggressive selling, with the only exception, perhaps, being Lukoil shares, for obvious reasons. On the other hand, there are no drivers for aggressive buying either. Regarding the foreign exchange market, there is also a balance here. On the one hand, the market expects that after the sanctions on Rosneft and Lukoil, we will see some weakening in the volume of foreign currency proceeds sold on the domestic market in two to three months. On the other hand, import recovery is stagnating, and significant demand for foreign currency is not expected in the near future, so the market is still trading sideways. Nevertheless, the ruble has likely completed its strengthening, and we may see some weakening factors. We continue to expect dollar exchange rates to be around 87-88 by the end of 2025, and, accordingly, the yuan could rise to the 12-12.50 range by the end of December 2025. Regarding the oil market, sanctions against Russian oil companies are forcing speculators to close short positions, while, on the other hand, we still expect, according to forecasts from leading investment banks, that 2026 will be a year of oil surplus, with excess supplies, including from Saudi Arabia. Therefore, for now, 60-65 are the current quotes in this target market in the coming weeks; there are no drivers for breaking this range.

Weekly inflation data will be a key factor for the stock market and the ruble exchange rate next week, says Dmitry Stepanov, head of a department at the Bond Owners Association.

Dmitry Stepanov, Head of a Department at the Bond Owners Association, said : "The released inflation data was significantly better than expected. This is a very encouraging factor and a signal that the Bank of Russia may indeed lower the rate at its December meeting. This news background will carry over into the new trading week. We are not receiving any new signals from geo-conflicts. The early closure of the tax period is a factor that will put some pressure on the ruble. And then there's the situation on the oil market: on the one hand, we are seeing some consolidation in oil prices, but on the other, there are no signs of growth in the commodity. This means there are some risks that we could decline in the coming weeks, and this factor is also not in the ruble's favor. What will happen next? The same consolidation is likely—81 rubles per dollar, approximately 93 rubles per euro. It's unlikely that anything will change anytime soon. And if we receive new inflation statistics, and they come out again at the level of the previous week or even better, we could see growth in stock market indicators, including, perhaps, support for the ruble.

The Central Bank set the official exchange rate for Monday: dollar – 81 rubles 23 kopecks, euro – 93 rubles 84 kopecks, yuan – 11 rubles 36 kopecks.