Sberbank - En+ (ENPG) ... CIS Market Daily - September 23, 2021

Report

Sberbank

Andrey Kuznetsov ...

Anton Stroutchenevski
Artem Vinogradov
Cole Akeson
Fedor Kornachev
Georgiy Ivanin
Research Team

CIS Market Daily - September 23, 2021

MARKET COMMENT - A GENTLY HAWKISH FED FAILED TO OFFSET STOCK GAINSStock markets trended slightly higher, and the US managed to hold on to a 1% rise even after the delivery of a gently hawkish message from the Fed on tapering asset purchases. Russia was one of the best performers, the RTS rising 2.1% to 1,747. AmCham's conference, several central bank decisions and reports, and US data releases are among items that may be of interest to investors or affect markets today.STORIES> US draft amendment poses risk to debt market; outcome likely neutral> Weekly inflation ticks back up to 0.1% as harvest impact fades> Russian industrial output drops m-o-m in August> Russian marketplaces oppose pre-installation of single marketplace app on smartphones> En+ Group presents Pathway to Net Zero report

23/09/2021 15 EN

Underlyings

En+

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En+ Group International Public Joint-Stock Company

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US29355E2081 London Stock Exchange Jersey

Provider

Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Andrey Kuznetsov

Anton Stroutchenevski

Artem Vinogradov

Cole Akeson

Fedor Kornachev

Georgiy Ivanin

Research Team

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CIS Market Daily - November 2, 2021

MARKET COMMENT - CYCLICALS CHARGED AHEAD YESTERDAY, CONSOLIDATION SIGNALS TODAYMarkets tended to bounce back, with notably strong performances in cyclicals and US small-caps. The MSCI EM was flat, held back by a 0.4% drop in China. The MSCI DM gained 0.5%. Russia outperformed, the RTS climbing 1.3% to 1,867 with gas and financials among the leaders. While few global catalysts have emerged this morning, APAC markets are following domestic developments, and global and Russia indicators suggest a bit of consolidation after yesterday's strong outperformance and ahead of tomorrow's Fed decision. ST...

November 2, 2021 November 2, 2021 19 EN

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Debt Markets Today - November 2, 2021. Russia ESG Goals, Fed Preview, Rusal Reorganization

CIS EUROBOND MARKETRussia's sovereign curve traded in the red yesterday in response to higher US Treasury yields and a pickup in geopolitical risks. The Russia 47 widened 3 bps in yield (-0.7 pp in price), while yields along the rest of the curve climbed 1-2 bps. In the non-investment grade segment, Ukraine was the main laggard, the sovereign curve shifting 10-20 bps higher.GOVERNMENT DEBTThe inversion of the OFZ curve eased somewhat yesterday, as yields rose 2-9 bps at the short end and 10-13 bps at the long end. In our view, investors are taking into consideration the risks of another high w...

November 2, 2021 November 2, 2021 50 EN

Sberbank

CIS Market Daily - October 28, 2021

MARKET COMMENT - INFLATION CONCERNS WEIGH ON STOCKS, COMMODITIESThe MSCI ACWI fell 0.5% as tailwinds from earnings coverage faded and markets returned to concerns about global growth and inflation. Cyclical sectors were under particular pressure, and this was reflected in a 1.3% fall for the RTS to 1,891. Today's APAC session is seeing a continuing decline in stocks and commodities, while a heavy results calendar, the ECB decision and Moscow's "non-working" period are in focus today.STORIES> Industrial production growth accelerates to 6.8% y-o-y in September> Weekly inflation edges up to 0.28%...

October 28, 2021 October 28, 2021 22 EN

Russian Consumer - Unemployment and Income: The Outlook for 2022

In its modern history, Russia has not suffered any major spikes in joblessness. Its unemployment rate has ranged from between 4.8% and 8.3% since 2005 (versus 3.6-9.9% in the US for the same period). However, considering the sectors currently affected and companies scaling down operations in Russia, we see 1.1 mln out of the total 71 mln jobs at risk. But because this comes amid a labor shortage, which emerged in late 2021, companies are aiming to hold on to personnel, while the government is announcing extra social support measures. In a conservative scenario, the unemployment rate could go u...

March 24, 2022 March 24, 2022 1 EN

Andrew Keeley ... (+3)

Andrew Keeley
Arthur Cherkesov
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Russian Banks - What We Know at This Stage

In this note, we sum up a few thoughts on the current situation for Russia's banks.> Immediate pressure weathered... Since the initial brief depositor panic in late February, deposit flows have stabilized and even turned into net inflows as banks have hiked short-term deposit rates to around 20%, in line with the key rate.> ... and the CBR has experience of crises. The CBR is well versed in supporting the banking system through crises and has already made important moves in providing liquidity and capital forbearance. The banking sector recapitalization that we saw in 2008-09 and 2014-15 is no...

March 24, 2022 March 24, 2022 1 EN

Anna Pilgunova ... (+3)

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Commodities Daily - March 24, 2022

> Oil continues to rise as CPC oil export terminal in Black Sea halts loadings and amid upbeat EIA report. In our view, Brent is likely to start stabilizing near $120/bbl today. Investors will be watching the EU-NATO summit in Brussels, where countries will discuss their ability to reduce their reliance on the Russian energy sector.> Gold advances as US Treasury yields slide. Gold rose from $1,920/oz to $1,945/oz yesterday, while the 10y US Treasury yield declined from 2.39% to 2.29%. Gold is trading near $1,940/oz as we write. Today, the market will be eyeing the preliminary March Markit PMIs...

March 24, 2022 March 24, 2022 1 EN

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CIS Market Daily - September 23, 2021

CIS Market Daily - November 2, 2021

Debt Markets Today - November 2, 2021. Russia ESG Goals, Fed Preview, Rusal Reorganization

CIS Market Daily - October 28, 2021

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Commodities Daily - March 24, 2022

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