Russian stocks rallied, but the broader global recovery is showing signs of losing momentum: The stock market recovery, which has been fragile and on relatively low trading volumes, is showing signs of weakness as data yesterday showed US unemploymen...

Russia’s 1H21 BoP data should be viewed from the angle of inflationary concerns. Imports have also jumped by 28% y/y, including a 42% y/y increase in 2Q21, which we mainly attribute to the price effect. The only positive is that the period of high co...

M.Video (MVID RX: N/R) reported its 2Q21 trading update. VAT) in 2Q21, accelerating from 14% growth in Q1. That is also indicated by 112% y/y in-store GMV growth in 2Q21. In 2Q21 the number of active customers grew 14% y/y to 19.8mn, with faster grow...

MMK and NLMK expectedly delivered strong financial results, offering attractive dividend yields above 5% on a quarterly basis. Summary of financials: MMK (MMK:LI; E/W) delivered a strong set of 2Q21 results with EBITDA of $ 1,435 mn, confidently abov...

Market recovery maintained steam: The market recovery continued to maintain steam yesterday with bond yields widening at the long end of the curve and the US dollar pulling back slightly as the focus switched to earnings. Russian equities advanced le...

Last week the OFZ-curve demonstrated mixed trends – its short part (1-3 years) added 7 bp, fixing at 6.7% on average, while its long part was almost unchanged on the cumulative basis, staying at 7.3% on average. The Minfin again offered sanctioned is...