Economy and Debt Markets Navigator 02.10.2024

* The ruble market exchange rate appreciated to CNY/RUB 13.14 at the opening on Tuesday, but then gradually weakened to CNY/RUB 13.28. We expect volatility to persist amid the long holiday period in China, with the ruble possibly fluctuating in a wide range of CNY/RUB 13.0-13.5. At the same time, growth in oil prices against the backdrop of escalation of the conflict in the Middle East may support the exchange rate. * Negativity persisted on the OFZ market on Tuesday amid increased turnover, with yields continuing to rise along the curve. Most activity was concentrated at the long end, where yields on most liquid issues climbed by 5-10 bps. Trading volumes increased to RUB 12.6 bln during the main session and amounted to RUB 3.1 bln in the mode of negotiated deals and negotiated deals with the central counterparty. Today, market participants will focus on the outcome of the OFZ auctions. Linkers were mixed, with yields fluctuating in a range of -15/+8 bps.