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Almost a zero return for the week


Global developments. A busy week ahead for US earnings reports (Apple and Facebook on Wednesday, with Thursday the busiest day for earnings including GM and Amazon). The S&P500 had a positive run last week (its biggest weekly rise since last July), though Japan’s Nikkei was the top performer of the major markets on the week. However, developments in Ukraine are likely to feature at the start of the week, with the BBC reporting on Russian outrage at recent fatal shootings of pro-Russian activists. Keep an eye on the US bond market, as higher yields start responding to better US data. The 3.00% level on the 10-year yield is an important trigger level and in the next month or so further moves toward that level look likely (the next FOMC meeting is 29–30 April).

Russia (RTSI +2.4% / -0.3% WoW @1,200, RUB -0.3% / +0.1% WoW @35.60). Russian equities finished last week with almost a zero return, which is roughly on par with MSCI EM (-0.4%) but an underperformance compared with MSCI World (+2.0%).

Alexey Zabotkin, Neil MacKinnon, Akin Tuzun, Digvijay Singh, Sergey Galkin, Ilya Piterskiy
VTB Capital analyst

USA, Russia

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