Macroeconomics

Deflation persisted over the week of August 9-15, with consumer prices falling by 0.13% WoW compared with -0.08% the previous week. The acceleration of deflation is generally unstable and stems from volatile components. At the same time, a slowing of...

Topics: Russia CPI, OFZ market

* Deflation persisted over the week of August 9-15, with consumer prices falling by 0.13% WoW, driven mainly by subdued consumption.  * A positive trend continued during yesterday’s OFZ trading session, with prices for fixed-coupon papers and floater...

Oil & gas

Demand is becoming a weakness factor Global economic growth perspectives are deteriorating and a number of think tanks have lowered their GDP growth forecasts. The consensus view of world GDP growth now stands at 3.1% and 3.0% for 2022 and 2023, resp...

Topics: OFZ market, Azerbaijan FX market, Belarus GDP

* A positive trend continued during yesterday’s session on the OFZ market, thus marking the second day after non-residents from “friendly” jurisdictions, as well as non-residents whose ultimate beneficiaries include Russian legal entities and individ...

Topics: OFZ market, Azerbaijan's budget

* The OFZ market showed a positive dynamic, with most asset classes gaining in price. Volumes were below average at RUB 3.5 bln during the main session and RUB 2.2 bln in the mode of negotiated deals and negotiated deals with the central counterparty...

August 15-19

The ruble stabilized amid a pause in admission of non-residents from "friendly" jurisdictions to the equity market and in the absence of significant news. Fundamental factors prevented the Russian currency from further appreciation.  The key factor a...

Topics: Russia monetary policy report, current account, GDP and OFZ market; Belarus inflation

* The CBR held a press conference dedicated to the key provisions of the published report "On the main directions of unified state monetary policy for 2023 and for the period 2024-2025”.  * The current account surplus declined from $28.1 bln to $21.2...

Topics: OFZ market, Azerbaijan inflation

* Negativity continued to prevail on the OFZ market on Thursday, with prices for fixed-coupon papers and linkers falling, while those for floaters remained unchanged. Volumes were low at RUB 6.6 bln during the main session and RUB 1.5 bln in the mode...

Internet

VK published mixed 2Q22 results that showed a strong dynamic in the Communication and Social segment, due to an increase in advertising earnings, and a downturn in Games, driven primarily by ruble appreciation that had a negative impact on the intern...

Macroeconomics

Deflation continued over the week of August 2-8, with consumer prices falling by 0.08% WoW. As of end July, deflation stood at 0.39% MoM, which brought annual inflation to 15.1% YoY. Accumulated ruble appreciation and restrained consumer demand remai...