reports
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 9, 2022
MARKET COMMENT - MOSCOW TRADING REMAINS HALTED WHILE EYES REMAIN ON UKRAINERussian stocks continued to see only slight trading through Russia's long weekend. That will not change today, with the CBR having decided yesterday not to allow Moscow equity trading, continuing the halt since February 25 for a sixth business day.STORIES> How the crisis is evolving> US and UK seeking to embargo Russian oil and gas imports> Gazprom's export flows remain very strong> Rostelecom posts neutral 4Q21 IFRS resu...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 9 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗСША и Великобритания вводят эмбарго на импорт нефти и газа из России, экспортные доходы Газпрома растут, Ростелеком, HeadHunter, Магнит и М. Видео представили отчетность.НОВОСТИ> Как развивается кризис> США и Великобритания вводят эмбарго на импорт нефти и газа из России> Экспортные доходы Газпрома растут> Ростелеком представил нейтральные результаты за 4К21 по МСФО> Вопрос о погашении облигаций Яндекса и Ozon> HeadHunter: результаты за 4К21 несколько ниже прогнозов, выкуп а...
- Anna Kurbatova
- Olesya Vorobyeva
HeadHunter: Announces in-line 4Q21 results, termination of buyback pro...
HeadHunter (HHR US, U/R) reported 4Q21 results and provided an update on the impact of geopolitical developments. Revenue and EBITDA were up 85-91% y/y coming broadly in line with consensus and 6-5% above our more conservative projections. All segments showed strong performance with expected normalization of growth comparing to Q3. 2021 revenue increased by 93% y/y, thus, outpacing company’s guidance (+81-84% y/y). The management highlighted solid financial flexibility (0.1x Net debt/EBITDA a...
- Research Team
WOOD Flash – Russian coverage universe: under review
Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...
QIWI QIWI PLC SPONSORED ADR CLASS B
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - February 25, 2022
MARKET COMMENT - WORST ONE-DAY DECLINE IN RTS HISTORY AS MARKET REACHES 2008 VALUATIONSThe RTS fell 38% to 743 in its worst one-day decline in history. The forward P/E of 2.6 has not been seen since 2008. Gaps have opened up between local and foreign listings following the obvious rise in volatility and Moscow Exchange's ban on short selling, while RTS futures are up 14%. The US, UK and EU announced relevant new sanctions last night, while news flow remains dominated by developments between Russ...
- Research Team
WOOD Daily: PCO PW; TKFEN TI; PKO PW; NRP NA; ALE PW; MTELEKOM HB; ZB ...
HEADLINES: • Pepco Group: targeting the "mum on a budget" (BUY - initiation of coverage) • Tekfen Holding: 4Q21 results - big miss, due to provision hits on E&C front NEGATIVE • PKO BP: 2021 results - solid delivery and guidance for 4%+ of 2021 DPS NEUTRAL • NEPI Rockcastle: earnings hit by a one-off provision, but robust recovery underneath NEUTRAL • Allegro: minor miss in 4Q21 on costs of deliveries, constructive FY22E outlook NEUTRAL • Magyar Telekom: 4Q21 results - 4% yoy EBITDA growth, ...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CIE CIECH S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKFEN TEKFEN HOLDING
SAB1L SIAULIU BANKAS
PLZL POLYUS (GDR)
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
ALG ALLEGRO.EU SA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
HHR HEADHUNTER GROUP PLC
PCO PEPCO GROUP NV
- Research Team
WOOD Daily: RU Technology Monthly; TEL RO; EME Strategy – MSCI; FP RO;...
HEADLINES: • Russian technology: on-the-ground intelligence (HeadHunter, Ozon, QIWI, VK, Yandex) • Transelectrica: lower-than-expected 4Q21 net loss NEGATIVE • EME Strategy: MSCI monitoring Russian equity universe in wake of potential sanctions NEUTRAL • Fondul Proprietatea: NAV per share up 2.4% mom, to RON 2.3161, as of end-January NEUTRAL • Polish banks: Bank Pekao and Bank Handlowy receive P2G Tier 1 capital buffer requirements from KNF • O2 Czech Republic: coverage discontinued • Mobile...
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
BHW BANK HANDLOWY W WARSZAWIE S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
MTSS MOBILE TELESYSTEMS PJSC
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
OZON OZON HOLDINGS
HHR HEADHUNTER GROUP PLC
- Dmitry Vlasov
- Ildar Davletshin
- CFA
Russian Technology: On-the-ground intelligence (HeadHunter, Ozon, QIWI...
With this report, we launch our new monthly publication on the Russian technology sector, in which we will track the key data and sector developments. We will analyse publicly-available information and use our proprietary “channel checks” (e.g., hiring a taxi, online product ordering) to get leading indications of companies’ performances and their major products. We plan to add more data points and analysis over time. We welcome your feedback.
- Research Team
WOOD Daily: Russian Technology (YNDX US, HHR US, OZON US, QIWI US stay...
HEADLINES: • Russian Technology: fortune favours the brave (Yandex, HeadHunter, Ozon and QIWI stay BUY; VK upgraded to BUY) • Otokar: 4Q21 results - strong top-down beat, led by the defence segment POSITIVE • NLB Group: new SREP requirements • Gazprom: signs a 10bcm supply contract with China POSITIVE • Rosneft: to supply 10mt to China via Kazakhstan POSITIVE • Magnit: 4Q21 conference call - key takeaways NEUTRAL • Electrica: Oltchim's final table of debts shows a lower level of claims for El...
QIWI QIWI PLC SPONSORED ADR CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
FMF FAMUR SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
OGZD GAZPROM (GDR)
ELSA SOCIETATEA ENERGETICA ELECTRICA
NLBR NLB GROUP
OZON OZON HOLDINGS
HHR HEADHUNTER GROUP PLC
- Dmitry Vlasov
- Ildar Davletshin
- CFA
Russian Technology: fortune favours the brave (Yandex, HeadHunter, Ozo...
Following a sell-off in the Russian technology sector, we have taken a fresh look at each company to identify the best risk/reward opportunities, including downside risks in the case of new sanctions and rising geopolitical tensions. With 78% average upside to our PTs, the Russian technology sector offers a rare opportunity to buy quality stocks at a huge discount, in our view.
- Alessio Chiesa
- Dmitry Vlasov
- Ildar Davletshin
- CFA
WOOD Flash – Russian strategy: thoughts on the latest sell-off – key s...
The Russian stock market has declined over 11% since the start of the year and is off 27% since its highs in October 2021, on the new phase of geopolitical escalation. Assuming that open military conflict is avoided, Russian stocks are attractively priced, especially in the context of rising commodity prices. It is hard, if not impossible, to call the bottom in this market, and we do not attempt to forecast if and when the process of de-escalation could start. Generally, we have observed, many t...
- Research Team
The Rear-View Mirror – EME markets: Markets down in November, as MSCI ...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
TNB MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON NLB BANKA
HUGE OZON HOLDINGS
4IG HUUUGE
IGN1L ALRO SLATINA
SHO 4IG NYRT
GDEV IGNITIS GRUPE
HHR SHOPER
NEXTERS INC
HEADHUNTER GROUP PLC
- Research Team
WOOD Daily: HHR US; GTC PW; BOCH CY; PZU PW; TPE PW; GDEV US; MTSS RX;...
HEADLINES: • HeadHunter: entering the gig economy (stays BUY) • GTC: share price detached from earnings (stays BUY) • Bank of Cyprus: a visible turnaround (stays BUY) • PZU: posts solid set of 3Q21 results, but in line with expectations NEUTRAL • Tauron: 3Q21 results review - fully in line with prelims NEUTRAL • Nexters: 3Q21 financial results review NEUTRAL • Mobile TeleSystems: 3Q21 - decent results, 5% yoy OIBDA growth; 2021E OIBDA growth guidance upped NEUTRAL • Mobile TeleSystems: key ta...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GTC GLOBE TRADE CENTRE S.A.
TPEIR PIRAEUS BANK SA
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
BANK OF CYPRUS PCL
COTE CONPET SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Dmitry Vlasov
- Ildar Davletshin
- CFA
HeadHunter: Entering the gig economy (stays BUY)
We continue to like HeadHunter for its undeniable pricing power, network effects and operational efficiency, clearly supported by the recent financial results. Although the shares have rallied by 24% since our latest report, published in August, we believe there is more upside to this story. We have increased our 12-month price target (PT) to USD 79, from USD 59. The key growth drivers for HeadHunter should be monetisation initiatives, growth in SMEs and, most importantly, the expansion into new...
- Research Team
WOOD Daily: DOM PW; WPL PW; ATRS AV; GTC PW; HHR US; FMF PW; COTE RO; ...
HEADLINES: • Dom Development: turning up the volume (stays BUY) • Wirtualna Polska: strong 3Q21, with adjusted EBITDA up 29% yoy, 7% above our estimate POSITIVE • Atrium: 3Q21 - headline figures exceed our estimates, transition to resi started POSITIVE • GTC: 3Q21 - above our expectations POSITIVE • HeadHunter: 3Q21 financial results and conference call review POSITIVE • Famur: 3Q21 EBITDA 3% above consensus, strong backlog growth POSITIVE • Conpet: 3Q21 results close to our estimates • Alro:...
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
TPS ORANGE POLSKA S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
FMF FAMUR SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
COTE CONPET SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ALR ALRO SLATINA
HHR HEADHUNTER GROUP PLC
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - November 16, 2021
MARKET COMMENT - SPACE WEAPONS, PRESIDENTIAL SUMMITS AND AN AMBIVALENT GLOBAL BACKDROPGlobal stock markets have lacked clear direction yesterday and today, with top-down discussions tending to focus on the debate about inflation and central bank responses. The MSCI EM edged up 0.1%, while the RTS managed an only 0.4% rebound to 1,791 after Friday's sharp drop. Russia is now generally at its lowest valuations of the year, while political risk impressions are unlikely to be helped by yesterday's t...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 16 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - ОБЩИЙ ФОН СКОРЕЕ НЕЙТРАЛЬНЫЙ, НО ПОЛИТИЧЕСКИЕ РИСКИ СОХРАНЯЮТСЯВчера и сегодня четкой динамики на глобальных рынках акций не наблюдалось. В центре внимания были инфляция и реакция центробанков на ее ускорение. Индекс MSCI EM прибавил 0,1%, а индекс РТС после пятничного обвала сумел восстановиться только на 0,4%. Сейчас оценочные коэффициенты российского рынка находятся на минимумах с начала года, что обусловлено политическими рисками. Впрочем, сегодня утром индикаторы рос...
HeadHunter Group PLC Announces Third Quarter 2021 Financial Results
HeadHunter Group PLC Announces Third Quarter 2021 Financial Results MOSCOW, Nov. 15, 2021 (GLOBE NEWSWIRE) -- HeadHunter Group PLC (Nasdaq: HHR, MOEX: HHRU) announced today its financial results for the quarter ended September 30, 2021. As used below, references to “we,” “our,” “us” or the “Company” or similar terms shall mean HeadHunter Group PLC. Third Quarter 2021 Financial and Operational Highlights (in millions of RUB(1) and USD(2))Three months ended September 30, 2021Three months ended September 30, 2020Change(3)Three months ended September 30, 2021RUBRUB USD(4)Revenue4,690 2,3...
HeadHunter Group PLC Announces Second Quarter 2021 Financial Results
HeadHunter Group PLC Announces Second Quarter 2021 Financial Results MOSCOW, Aug. 16, 2021 (GLOBE NEWSWIRE) -- HeadHunter Group PLC (Nasdaq: HHR, MOEX: HHRU) announced today its financial results for the quarter ended June 30, 2021. As used below, references to “we,” “our,” “us” or the “Company” or similar terms shall mean HeadHunter Group PLC. Second Quarter 2021 Financial and Operational Highlights (in millions of RUB(1) and USD(2))Three months ended June 30, 2021Three months ended June 30, 2020Change(3)Three months ended June 30, 2021RUBRUB USD(4)Revenue3,9111,534155.0%54....
- Anastasia Khakhaeva
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Research Team
CIS Market Daily - August 11, 2021
MARKET COMMENT - US INFRASTRUCTURE PACKAGE BOOSTED CYCLICALS WHILE MARKETS LACK CLEAR DIRECTION TODAYCyclicals dominated DMs yesterday amid the US Senate passage of a massive infrastructure package. Pandemic plays lagged, though in EMs tech dominated due to the recovery in China. The RTS gained 0.3% to 1,647, and sector performances largely reflected the global trend. Markets lack a clear direction this morning in the lead-up to US CPI, oil data and Russian macro data in the late afternoon and e...
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