Stock Markets

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...

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...

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...

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...

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...

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...