- Andrey Kuznetsov
- Cole Akeson
- Mikhail Sheybe
- Nikolay Minko
- Tom Levinson
- Yuri Popov
Multi-Asset Sputnik. June 29, 2018 - Trade War Looming, Time for the Tin Hats
Decisions by major central banks do not pose much risk to sentiment in 3Q, but an escalating global trade war certainly does, particularly as the November US midterm election nears. This should keep risk assets, including EMs, on the back foot. Despite retaining defensive EM qualities, Russian assets will struggle to avoid losses if the global investment backdrop sours further. That said, we do not envisage Russia-specific negative news in 3Q, and if inflation stays subdued, the CBR can cut rates again before year end.
PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.
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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