Morning Note /

Alfa Morning Bulletin: 13 January 2022

  • Fed reassurance provided markets with a tailwind

  • Broad rally in Russian stocks

  • Russian stocks are set for a breather as geopolitics simmer in the background

13 January 2022
Published byAlfa

Fed reassurance provided markets with a tailwind: Global markets extended gains yesterday. Miners led the charge fueled by a rally in base metals and iron ore. Against that backdrop, Russian equities built on recent gains – RTSI (+1.1% @ 1,612) and IMOEX (+1.2% @ 3,829) – with cyclical and growth stocks all performing well. The ruble (-0.3% @ 74.71) weakened slightly but remains solid. Oil prices extended Tuesday’s gains (Brent +1.1% @ 84.67) after API data showed a drawdown in inventories last week.

Russian stocks are set for a breather as geopolitics simmer in the background: Russian stocks are likely to take a breather today as riskoff creeps into global markets and oil prices retreat. Geopolitics is in play this week with three important meetings on the calendar between Russia and Western partners. Representatives of Russia and NATO held talks yesterday with the outcome large in line with the Russia-US talks on Monday – no major breakthroughs but a commitment from all sides to continue with dialog. Today Russia send a delegation to Vienna to hold talks with the (OSCE) Organization for Security and Cooperation in Europe. The US Senate is scheduled to vote on a bill to sanction Nord Stream-2 today. However, the Biden Administration said legislation from Senator Ted Cruz to impose tough new sanctions on the Nord Stream 2 pipeline would undermine US efforts to negotiate with Russia on security issues. It is expected that Democrats will oppose the bill.


Rosstat reported inflation at 0.6% MTD as of 10 January – NEGATIVE

Gazprom Neft to consolidate key exploration assets following Repsol exit – NEUTRAL

Rosneft - VNHK project back on the table – POSITIVE

QIWI acquires Taxiaggregator SaaS platform – NEUTRAL