Morning Note /

Alfa Morning Bulletin: 17 December 2021

  • Russian equities rallied

  • Markets turn risk averse on Covid and prospect of tighter monetary policy

  • Russian stocks caught in global risk-off downdraft

17 December 2021
Published byAlfa

Russian equities rallied: Russian equities rallied on Thursday in a broad advance – RTSI (+4.1% @ 1,604) and IMOEX (+3.6% @ 3,750) – pacing gains across global stock markets as investors bet that the US can combat inflation without hurting economic growth. The ruble was steady (-0.1% @ 73.72) while crude prices climbed higher (Brent +1.5% @ 75.02) om general mood of optimism.

Russian stocks caught in global risk-off downdraft: Russian stocks have been caught in a risk-off downdraft this morning as investors fret over Omicron and tighter monetary policy. Weaker oil and a strong US dollar are adding downward pressure.


Inflationary expectations jumped to 14.8% in December - NEGATIVE

VTB (O/W): Takeaways from CFO comments – POSITIVE

Lenta (O/W): Utkonos acquisition – MODERATELY POSITIVE