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Morning Note / Russia

Alfa Morning Bulletin: 26 May 2020

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...
Alfa Alfa Equity Team
Alfa Equity Team @ Alfa 26 May 2020
Equity Analysis / Russia

Alfa Weekly Radar: Easing of lockdowns to unlock new catalysts

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...
Alfa John Walsh
John Walsh @ Alfa 18 May 2020
Weekend Reading / Global

Biden's US foreign policy would be positive for Emerging Markets

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...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 16 May 2020
Biden's US foreign policy would be positive for Emerging Markets
Macro Analysis / Russia

Macro Insights: Russia lockdown – April figures takeaways

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...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 15 May 2020
Macro Analysis / Russia

Russia Macro Insights: Strong start to the year, growing concerns for future

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...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 28 April 2020
Flash Report / Russia

Russia central bank provides more support and very dovish guidance

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...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 24 April 2020
Russia central bank provides more support and very dovish guidance