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...

CENTRAL AND EASTERN EUROPE: Bulgarian economic activity remains subdued, with the recovery still not clearly in sight. On the other hand, the depth of the fall has also been slightly less dramatic, particularly in industry. That said, unless the gove...

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...

Markets retreat on negative backdrop. Growing US-China tensions to weigh down on Russian market. Inflation is reported 0.4% MTD in July – mixed.

French industrial production contracted by 17.1% in 2Q20 and by 19% in manufacturing. This better fate is due to the fact that the rebound was steep after production reached a low point in April, 34% below its February level. The details show a recov...

Yesterday’s surge in industrial new orders could be considered a downpayment on future industrial activity. The just-released data on June industrial production and trade, however, shows that this future has already started. Including energy and cons...