MARKET COMMENT - MARKETS MELTING UP; NEW US SANCTIONS BILL IMMINENTThe MSCI ACWI climbed 1.7% as global markets continued to climb on the last day of the month, with consumer discretionary and tech names in the lead. Easing US futures and a lack of fundamental drivers signal the global rally needs a new catalyst to push further. Russia melted up yesterday, the RTS climbing 2.0% to 1,435, while a new US sanctions bill and diplomatic headlines appear imminent today, as detailed below.STORIES> Luko...
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ УЛУЧШИЛСЯ, В США ОЖИДАЕТСЯ НОВЫЙ ЗАКОНОПРОЕКТ О САНКЦИЯХИндекс MSCI ACWI вчера прибавил 1,7%, глобальные рынки в последний день января продолжали расти, при этом больше всего поднялись котировки потребительских и высокотехнологичных компаний. Снижение фьючерсов на фондовые индексы США и нехватка фундаментальных драйверов свидетельствуют о том, что для продолжения ралли на глобальных рынках необходим новый катализатор. На российском рынке вчера настрой ул...
MARKET COMMENT - CONSTRUCTIVE GLOBAL BACKDROP, UKRAINE WORRIES IN FOCUS BEFORE FEDMost markets saw declines on Friday, the MSCI ACWI edging down 0.2%. A better US session with index gains of 0.2-0.3%, a mixed but mostly positive APAC session, and higher EMEA and US futures are more bullish for global markets this morning. However, the ruble has slipped above USD/RUB 71 since Friday night, and tensions regarding Ukraine may hold back some investors.STORIES> Ukraine, international relations return...
MARKET COMMENT - INDICATORS LESS OPTIMISTIC TODAY THAN YESTERDAY AHEAD OF US NONFARM PAYROLLSThe MSCI ACWI gained 0.3%, with a bit of support late in the day Moscow time from better than expected US employment data. The RTS gained 0.7% to 1,727, placing it less than 2% away from a ten-year high. Russia indicators are slightly down and global indicators mixed ahead of today's important US nonfarm payroll report.STORIES> Government reviewing Rosneft's request to export gas> Moscow Exchange 8m21 tr...
MARKET COMMENT - OPEC+, MACRO DATA, UKRAINE WHITE HOUSE VISIT, PMIS AND ADPEMs continued to rally (+1.8%), while DMs edged down slightly following a month of solid gains. Russia underperformed with a flat performance, though individual stocks saw varied performances, including Yandex's 5.2% climb. Today will see the OPEC+ meeting, monthly Russian macro stats, a Ukrainian presidential visit to the US, PMIs from around the globe and the US ADP employment report. STORIES> Gazprom 2Q21 conference ca...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
КОММЕНТАРИЙ И ПРОГНОЗ - УЛУЧШЕНИЕ СИТУАЦИИ В КИТАЕ, МЯГКАЯ РИТОРИКА ФРС США И КОНСТРУКТИВНЫЕ ПОЛИТИЧЕСКИЕ КОММЕНТАРИИГлобальный фон сегодня утром в основном позитивный. Фондовые индексы Китая и прочих рынков АТР растут после вчерашних успокаивающих заявлений китайских регуляторов. Комментарии по итогам заседания ФРС были довольно мягкими, что не удивило рынки. Переговоры между Россией и США на тему стабильности завершились конструктивно, но подробной информации было мало. Индекс РТС вырос на 1,4...
MARKET COMMENT - CALMER CHINA, SOOTHING FED AND CONSTRUCTIVE POLITICAL REMARKSThe global backdrop looks mostly positive this morning. China and other APAC markets are rising, following reassuring claims from Chinese regulators yesterday. A soothingly dovish Fed message provided markets no surprises, nor did the constructive but not very detailed remarks from Russian and US negotiators after top-level "stability" talks. The RTS gained 1.4% to 1,616, and most indicators point up this morning. STOR...
OR Group (formerly Obuv Rossii) remains under pressure due to the decline in disposable incomes and intensified competition from online marketplaces. The company's new business model was aimed at addressing these challenges, but price investments are still required. Given the low visibility over the recovery in the footwear market, we lower our EBITDA forecasts for 2021 and 2022 by 24% and 21% and downgrade our target price to R30 per share, reiterating our HOLD recommendation. Meanwhile, we not...
КОММЕНТАРИЙ И ПРОГНОЗ - ГЛОБАЛЬНЫЕ РЫНКИ В ОСНОВНОМ ДЕМОНСТРИРУЮТ РОСТ В ПРЕДДВЕРИИ ДАННЫХ ПО ЗАНЯТОСТИ В СШАИндекс MSCI ACWI вырос на 0,6%, индекс РТС - на 1,1%. В центре внимания, по-видимому, оказались "рефляционные" бумаги, тогда как интерес к "защитным" акциям снизился. Мировые рынки ждут данных по занятости в США. НОВОСТИ> Статистика по розничным инвесторам: покупки на снижении> Показатели Северстали за 4К20 по МСФО соответствуют прогнозам, ожидаются хорошие дивиденды> Тинькофф Банк опубли...
MARKET COMMENT - GAINS ACROSS MOST MARKETS GLOBALLY AHEAD OF TODAY'S US PAYROLLSThe MSCI ACWI gained 0.6% and the RTS 1.1% as investors appeared to favor reflation trades and retreated from defensives. Global markets await the US payroll report. (... more inside) STORIES> Retail investor statistics: Buying the dip> China and South Korea absorb EMs' net inflow, Russia lagged> Severstal reports in-line 4Q20 IFRS results; strong dividend> Tinkoff Bank publishes full-year 2020 RAS data> Obuv Rossii ...
NOVOSIBIRSK, Russia--(BUSINESS WIRE)-- OR GROUP (Obuv Rossii Group; MOEX: OBUV), a nationwide retailer which manages a chain of 838 general stores in 335 cities and towns of Russia and a marketplace, and develops financial services, presents its operating results for December, 4Q and FY ended 31 December 2020. DECEMBER 2020 OPERATING HIGHLIGHTS: GMV accounted for RUB 1.060 bln. Unaudited revenue was RUB 929 mln. Revenue of westfalika.ru selling platform amounted to RUB 460 mln. Wholesale revenue accounted for RUB 238 mln. Revenue of Arifmetika LLC, the Group’s member, was RUB 231 ml...
КОММЕНТАРИЙ И ПРОГНОЗ - ПОЛИТИЧЕСКИЕ И ЭКОНОМИЧЕСКИЕ НОВОСТИ ИЗ США СПРОВОЦИРОВАЛИ ФИКСАЦИЮ ПРИБЫЛИНеоднозначные последствия, ожидаемые от нового пакета мер по стимулированию экономики США, и слабые данные по занятости вчера спровоцировали фиксацию прибыли в конце дня. Сегодня утром пессимизма рынкам добавило очередное обострение между США и Китаем. Фьючерсы на индекс РТС вчера выросли на 0,4%, но утром большинство глобальных индикаторов выглядят пессимистично. НОВОСТИ> Статистика по розничным и...
MARKET COMMENT - US POLICY AND MACRO HEADLINES PUSH MARKETS INTO PROFIT TAKINGThe mixed implications of a new US stimulus package and weak employment data pushed markets into profit taking late yesterday, while negative developments between the US and China have helped keep the global mood sour this morning. Most global risk indicators are in bearish territory, though RTS futures finished last night up 0.4%.STORIES> Retail investor statistics: Keeping cash at hand> Russia Economic Monthly: Vacci...
КОММЕНТАРИЙ И ПРОГНОЗ - СПРОС НА РИСК ОСТАЕТСЯ НИЗКИМ НА ФОНЕ ВТОРОЙ ВОЛНЫ КОРОНАВИРУСА И ПРЕДВЫБОРНОЙ НЕРВОЗНОСТИ, НЕСМОТРЯ НА ВЧЕРАШНЕЕ РАЛЛИ В СШАИндекс РТС вчера повысился на 0,1% до 1 079 пунктов, прочие рынки продемонстрировали разнонаправленную динамику, и MSCI EM снизился на 0,1%. Хотя некоторые российские индикаторы указывают на рост, индикаторы АТР и EMEA, а также фьючерсы на американские индексы сигнализируют о снижении спроса на риск. Общий фон определяют распространение COVID-19 и н...
MARKET COMMENT - DESPITE SHORT US RALLY, COVID AND ELECTION JITTERS LIMIT RISK APPETITESThe RTS edged up 0.1% to 1,079, while other markets were widely mixed and the MSCI EM slipped 0.1%. While some Russia indicators are higher, APAC markets and EMEA and US futures signal weak risk appetites. Covid-19's spread and uncertainty ahead of the US election dominate the backdrop. STORIES> Chinese equities dominate EM inflows, Russia also positive> Novatek 3Q20 conference call highlights> Evraz 3Q20 tra...
NOVOSIBIRSK, Russia--(BUSINESS WIRE)-- Obuv Rossii Group (MOEX: OBUV), the first publicly traded company in the Russian fashion retail, comprising 846 stores in 336 cities of Russia and two production facilities, announces its unaudited operating results for September, the third quarter and nine months ended 30 September 2020. SEPTEMBER 2020 OPERATING HIGHLIGHTS: The unaudited revenue in September increased by 35% compared to August and reached RUB 1,391 mln (exclusive of VAT) which is the maximum monthly level in 2020. The revenue of Arifmetika LLC, a member of the Group, which speciali...
КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ ПРОДОЛЖАЮТ РАСТИ В ОЖИДАНИИ ИТОГОВ ЗАСЕДАНИЯ ФРС США И НОВОЙ МАКРОСТАТИСТИКИРынки вчера продолжали восстанавливаться: индекс MSCI ACWI вырос на 0,5%. Россия была одним из лидеров по динамике рынка акций: индекс РТС вырос на 2,1% до 1 254 пунктов. Заметнее всего прибавили в цене нефтегазовые компании и банки. Котировки нефти Брент росли весь день вчера и заметно повысились в ночь на среду. Сегодня в центре внимания будут Федрезерв США и другие центробанки, а также р...
MARKET COMMENT - REBOUND CONTINUES WHILE MARKETS AWAIT FED MEETING, MACRO UPDATESMarkets continued to rebound yesterday, the MSCI ACWI global index rising 0.5%. Russia was among the best performers, the RTS gaining 2.1% to 1,254. Energy and select financial names dominated gains, while Brent climbed throughout yesterday's session and then more overnight. The Fed and other central banks, as well as macro releases, are in focus today. STORIES> Drop in Russia's industrial production eases to 7.2% y...
NOVOSIBIRSK--(BUSINESS WIRE)-- Obuv Rossii (MOEX: OBUV), the first public company in Russian fashion retail, which includes 850 outlets in 341 towns and cities of Russia and two manufacturing facilities, presents its preliminary operating results for August 2020. The Company continues recovering after the lift of lockdown. The unaudited revenue in August increased 1.5 times compared to July and reached RUB 1,032 mln (exclusive of VAT) which is the maximum monthly level in 2020. The Group's total revenue in August exceeded the average monthly revenue in the pre-crisis 1Q 2020 by 16%. The fina...
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