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...

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...

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...

Russia has reported strong 1Q20 data with a 4.3% y/y increase in retail trade and 1.5% y/y increase in industrial production. However, real disposable income posted a 0.2% y/y decline for 1Q20, pointing to a growing social cost from the crisis.Retail...

CBR cut key rate to 5.5% in line with last week’s guidance: The CBR delivered a 50bp rate cut from 6.0% to 5.5% in line with guidance promised by the CBR Governor Nabiullina at the end of last week. The move was priced in by the market. The sca...