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Alfa Morning Bulletin: 8 June 2021

  • Russian bourses were mildly positive on Monday in the absence of negative catalysts in the domestic market
  • Russian equities expected to eke out further gains
  • Russian equities expected to eke out further gains

Russian bourses were mildly positive on Monday in the absence of negative catalysts in the domestic market: RTSI (+0.36% @ 1,652) and IMOEX (+0.39% @ 3,822). The ruble was on the back foot (+0.06% @ 72.82) supported by the positive retail trade statistics and the spike in Russian GDP in April on one hand, but pressured by the stronger dollar outlook on treasury yields which were seen rising on the other . Oil prices erased previous gains on the short-term demand worries (Brent -0.56% @ 71.49).

Russian equities expected to eke out further gains: We expect the caution trend in global sentiment to continue but the reflation trade should support the Russian indexes ahead of the Biden-Putin meeting scheduled on 16 June. We expect Russian equities to eke out a further advance today.

KEY NEWS

May inflation came at 0.7% m/m or 6.0% y/y; NEGATIVE

Sberbank ( O/W): May 2021 RAS results – MODERATELY POSITIVE


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The contents of this document have been prepared by Joint Stock Company “Alfa-Bank” ("Alfa Bank") as Investment Research within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/5...

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