Investigation of the Influence of Macroeconomic Factors on the Russian Stock Market

In this work, we describe effects of macroeconomic factors on Russian stock market. Stock market plays a key role in Russia’s economic development, private sector growth, and government national infrastructure investment. A unique feature of the Russian market is its strong dependence on various macroeconomic factors. Because these factors often determine market dynamics and overall trajectory. We utilize a number of methods to carry out this study, including analytical analysis of relevant work of key domestic and foreign key opinion leaders, monthly economic reports from 1998 to 2018, and empirical analysis of marcoeconomic factors on MOEX and RTC indices that comprise the most important indicators of the state of the Russian stock market. The data is consistent with the hypothesis that marcoeconomic factors do, in fact, have a significant effect on the Russian stock market. The coefficients of such factors, as major foreign stock market indices SP500 and Nikkei 225, Brent oil price, price of gold, US dollar exchange rate and key rate were found to be statistically significant. From this result, we conclude that marcroeconomic factors must be taken into account during evaluation of forward looking investment strategy and Russian stock market prediction.