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Strategy Note / Russia

Alfa Strategy: Weekly Radar – Markets on hold as summer holidays arrive

The ruble remained under some pressure, closing the week 0.6% weaker at 73.73. Russia outperformed the MSCI EM index (+1.1% w/w) and the European markets – EuroStoxx600 (+0.4% w/w). Congress fails to agree on a support package, removing a key catalys...
Alfa John Walsh
John Walsh @ Alfa 10 August 2020
Morning Note / Russia

Alfa Morning Bulletin: 10 August 2020

An escalation of the US-China tensions subdued the mood among investors on Friday. Pretty much red across the board on Friday in the Russian equity universe, with 6 stocks down for each one advancing. We expect the Russian market to open sideways tod...
Alfa Alfa Equity Team
Alfa Equity Team @ Alfa 10 August 2020
Macro Analysis / Indonesia

Renewable energy faces an uphill battle in Indonesia – here's why

But the new mining law, ratified on 10 June 2020, appeases mining companies which, in turn, are linked to some of Indonesia’s wealthiest and most powerful business groups and politicians. What's wrong with the existing policy? President Jokowi should...
Tellimer Research Vahaj Ahmed
Vahaj Ahmed @ Tellimer Research 10 August 2020
Strategy Note / Global

US weaponises all Tech regulation in China friction, EM Tech in the cross hairs

Alibaba and Tencent (WeChat owner) are the two largest stocks in the MSCI EM index (with about 7.4% and 6.3% weights, respectively) and both fell about 5% the day after Trump's executive order. The tide may be turning not so much on the adoption of n...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 9 August 2020
Strategy Note / Sri Lanka

Sri Lanka: Rajapaksas like it's 2010 in one chart

Super majority evokes hope of decisive policy on security and economy but fear of authoritarianism and fiscal profligacy. Fiscal deficit of 10%, external debt 70% of GDP, IMF deal point to austerity but pressure on economy point to stimulus. Impossib...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 9 August 2020
Weekend Reading / Global

Digital payments need digital currencies

Last month, I looked at how the Wirecard saga showed that political risk is not just an EM problem and that fintech investors need to look beyond growth to understand partnership and infrastructure risk. At the same time, I realised that, despite gro...
Tellimer Research Paul Domjan
Paul Domjan @ Tellimer Research 8 August 2020