... 2025, investors are anticipating a busy day featuring fresh financial results from several major companies as well as key macroeconomic data. Below is a brief overview of the day's pivotal events and corporate reports, tailored for investors from the CIS countries. Macroeconomic Events of the Day (MSK): 11:00 AM – Inflation expectations in the Eurozone (a critical indicator for ECB policy); 3:30 PM – U.S. trade balance (impact on the dollar exchange rate and trade sentiment); 4:00 PM – S&P/Case-Shiller ...

... infrastructure at both central and regional levels. Portfolio Implications July's economic slowdown in China, reflected in weaker industrial production and retail statistics, confirms the scenario of "uneven" recovery. For investors from the CIS countries, this underscores the case for a selective approach: prioritizing companies with stable margins, export diversification, and low debt levels, as well as maintaining cautious duration in debt instruments. The pace of stimulus, yuan behavior,...

... approach: alongside potential rate cuts, measures to control prices (e.g., extending export duties on food) and maintain financial stability are being prepared. Other emerging markets show a similar trend: after a period of tight monetary policy, many CIS and Asian economies are beginning to see the first fruits in the form of declining inflation. This opens the path for future easing of credit conditions and revitalization of investments. However, investors in emerging markets remain cautious about ...

... from Europe, particularly the renewed downturn in Germany's economy, adds a level of caution. In Asia, Chinese authorities are promising new stimulus measures to support growth, while inflation in Japan remains above target levels. Investors from the CIS countries are still focused on interest rate dynamics: the Fed is preparing to transition to rate cuts, while the Bank of Russia is evaluating further steps following its recent sharp policy easing. Below is a detailed overview of the key economic ...

... the Portfolio The anticipated SPOs of state companies and privatization activity in 2025, complemented by the IPO of Dom.RF , create a favorable window for reassessing specific securities and sectors. For a diversified portfolio of investors from CIS countries, a selective approach is advisable: prioritize quality issuers with transparent returns, predictable cash flows, and clear strategies for utilizing placement proceeds. Conclusion The increased supply of shares through IPOs , SPOs , and ...