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A weaker start of trading week for Russia


Global developments. Japan's trade deficit amounted to JPY13.7tn in the most recent fiscal year in data published yesterday. It was the third consecutive annual deficit following a long period of trade surpluses. The monthly deficit for March was the worst deficit ever for the month, with export growth slowing to 1.8%, which was the slowest growth rate since the inception of Abenomics. On a separate topic, Japan's Finance Minister said that the growth strategy to be unveiled in June would include plans for the GPIF, the world's largest pension fund at USD 1.3tn, to switch from bonds into riskier assets (in principle, positive for the Nikkei 225). Today's macro agenda includes updates on Eurozone consumer confidence, US existing home sales, the Richmond Fed survey and a speech from Ben Bernanke.

Russia (RTSI -1.0% @1,188, RUB -0.2% @35.69). Russian equities started the new trading week on a negative note, correcting after a strong bounce into the close of last week. US-traded stocks led the way down.

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

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