Russian equity market dynamics
Last week, the Russian equity market outperformed the broader emerging markets (EM) index. This was mainly due to Russia-specific factors, such as the rouble strengthening, which likely occurred on the back of foreign investors’ increased interest in local bonds.
Main Russian news
Russia’s key macroeconomic indicators were mixed in October. Industrial production worsened due to a slowdown in manufacturing. The slight improvement in the extraction segment was not enough to compensate. On the other hand, retail sales improved on the previous month but have still declined on an annualised basis in both the food and non-food segments. Rosstat published real wage growth data for September which showed an increase of 2.2% YoY.
Author: Marina Tsutskiridze, Junior Investment Specialist
Sources: Rosstat, Vedomosti, Bloomberg, TKB Investment Partners (JSC); November 2020