Morning Note /
Russia

Alfa Morning Bulletin: 6 April 2022

  • Russian stocks consolidated recent gains

  • Risk-off grips global markets

  • Russia braces for further sanctions

Alfa
6 April 2022
Published by

Russian stocks consolidated recent gains: Russian equities took a breather yesterday and consolidated recent gains – RTSI -4.5% @ 1,004) and IMOEX (-4.5% @ 2,663) – somewhat mirroring a negative trend across global markets. The ruble remained firm (+0.8% @ 83.31) and is unlikely to deviate from the 80-85 corridor on the near-term horizon.

Russia braces for further sanctions: Russian equities remain on the back foot this morning while the ruble remains firm. The US and EU are expected to unveil a new batch of sanctions against Russia today. The measures are expected to include a ban on new investments and to target Russian banks. The EU is expected to ban purchases of Russian coal and to impose transport restrictions, including preventing Russian registered ships from entering EU ports.

KEY NEWS

EU to imposes ban on Russian coal imports amounting to EUR4 bn per year – NEGATIVE

15% of Russians stockpiled on products last month – NEGATIVE

CIAN’s top-line growth of 42% in 4Q21 outpaces guidance, healthy balance sheet provides resilience amid challenging times