Russian Stocks Rise Ahead of Putin-Biden Summit

Russian stocks opened higher on Friday, with the MOEX index rising 0.31% to 2986.54 points and the RTS index increasing by 0.31% to 1179.49 points at 10:00 AM Moscow time (3:00 PM Beijing time). By 10:15 AM Moscow time (3:15 PM Beijing time), the gains had narrowed to 0.17% for both indices, with the MOEX index at 2982.53 points and the RTS index at 1177.91 points.

The upward movement in the Russian stock market comes as the highly anticipated meeting between Russian President and the U.S. President is set to begin at 11:30 AM local time in Alaska (3:30 AM Beijing time on August 16). The meeting, which will be conducted in a "one-on-one" format with the assistance of translators, is expected to address several key issues, including the Ukraine crisis and potential areas of cooperation between the two nations.

Following the one-on-one meeting, a "5+5" format discussion involving representatives from both countries will take place. This will be followed by a working breakfast where talks are expected to continue. The two leaders are also scheduled to hold a joint press conference after their discussions. The main topics of the meeting are expected to focus on resolving the Ukraine crisis and exploring further cooperation in various sectors, including the economy and trade.

The Russian delegation for the meeting includes several high-ranking officials, such as the Foreign Minister, the Presidential Aide, the Defense Minister, the Finance Minister, and the CEO of the Russian Direct Investment Fund. The meeting is taking place in Anchorage, the largest city in the U.S. state of Alaska.

The positive opening of the Russian stock market on Friday suggests that investors are cautiously optimistic about the potential outcomes of the meeting. The anticipation of the event has likely contributed to the upward momentum in the stock market, as investors position themselves in anticipation of positive developments. The meeting is expected to address various economic and political issues, and any announcements made during the event could have a significant impact on market dynamics.