Russian equities maintain momentum: Stocks in Europe advanced on Monday (StoxxEuro600 +1.5%) as investors weighed more signs of economies reopening around the world against the rise in US-China tensions. Trading activity was relatively light wit...

The IMF announced overnight that it had reached staff-level agreement (SLA) on a new programme for Ukraine, an 18-month Standby Arrangement (SBA) amounting to cUS$5bn (180% of quota). Board approval is expected in coming weeks (we suspect by mid-June...

Easing of lockdowns to unlock new catalystsMarkets struggled for direction last week: The world’s equity markets struggled for direction last week as investors contended with a constant wave of recording-breaking negative macro data and simmeri...

We maintain our Hold recommendation on the TAJIKI 2027 bond. We downgraded to Hold from Buy on 10 March, on rising commercial borrowing costs and uncertainty over the financing outlook for the Rogun Dam project. The bond has been among the third...

Four Biden versus Trump foreign policy contrasts - multilateralism, trade, Iran, climate: all would be positive shifts for emerging market investorsThere appears to be very little difference between Biden, Trump and the US Congress on the description...

Available statistics paint a mixed picture of the Russian macro case in April. With energy consumption down only 2.5% y/y last month and railway loading declining by 5.9% y/y, we ascertain that the industrial sector has navigated this crisis relative...