Morning Note /

Alfa Morning Bulletin: 25 November 2021

  • Cautious global mood halts rebound in Russian equities

  • Retailers and commodity stocks well bid

  • Russian equities find momentum this morning

25 November 2021
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Cautious global mood halts rebound in Russian equities: After a strong open that promised to carry Tuesday’s momentum, Russian equities pared back gains yesterday– RTSI (-0.1% @ 1,660) and IMOEX (-0.3% @ 3,950) – dragged lower by a cautious mood on global indexes, particularly against EM assets. The ruble unwound Tuesday’s gains (- 0.9% @ 74.98) as the prospect of faster tapering boosted the US dollar to a 17-month high. Oil prices were traded sideways (Brent -0.1% @ 82.25) as traders shrugged off the release of strategic reserves, a move that is being viewed as politically motivated with limited scope to rebalance the market.

Russian equities find momentum this morning: The Russian stock market has found some momentum this morning and is advancing with cyclical and defensive stocks well bid. Trading activity should be calm today with little market-moving headlines as the US celebrates Thanksgiving. The main event on the agenda today is minutes from the recent ECB meeting. With the Brent oil price holding firm near $82/bbl and the ruble ticking higher Russian equities are likely to advance.


Inflation came 0,2% for the third week of November – NEGATIVE


Lukoil 3Q21 IFRS results: a sizeable FCF beat fuels 2021 DPS expectations - POSITIVE