... receipts by exporters and cautious interventions by the regulator help smooth out exchange rate fluctuations. As a result, the ruble demonstrates relative stability even amid a declining interest rate differential, and volatility in the currency market has decreased compared to the beginning of the year. Russia’s economic indicators are gradually improving after the shock of the previous year. Yearly inflation continues to slow: according to estimates from the Ministry of Economic Development, consumer price growth is on a trajectory of around 7.5% year-on-year—significantly lower than the peaks of over 12% last winter. The slowdown in inflation has opened up space for easing monetary policy. The Bank of Russia, in its accompanying commentary, noted ...

... month. This indicator reflects activity in the construction sector and indirectly the confidence of developers and consumers. A decrease could indicate a slowdown in the housing market amid high mortgage rates and expensive construction materials, while ... ... increase in new builds could signal steady demand for real estate despite tightened financial conditions. 15:30 (Canada) - Consumer Price Index (July): One of the key macro indicators for the Canadian economy. CPI data will showcase the pace of consumer price ...

... labor are also hampering activity. July data will reveal whether the market can withstand the new rate environment: moderate decreases in sales fit within the picture of a "cool, but not frozen" housing sector . For investors, housing numbers ... ... shares of construction companies, but even a slight decline within forecast limits would not be shocking—the market has already priced in the factor of high borrowing costs. Corporate Earnings: Pinduoduo, HEICO, and More On August 25, market attention will ...

... the damping mechanism if global oil prices and exchange rates continue to negatively impact exporters' revenues. Specifically, this involves revisiting the calculation parameters for subsidies to reduce the budget burden while maintaining acceptable prices for fuel in the domestic market. Open Oil Market Comment: “In July 2025, payments for the damping mechanism decreased by 58% compared to July 2024 (down to 59.9 billion rubles),” note analysts from the Open Oil Market platform. “Oil companies have no choice but to raise prices in segments of the market that are not covered by subsidies. These include, for ...

... billion rubles in July, according to the Ministry of Finance—lower than planned and below expectations for the third consecutive month. The government is discussing the possibility of temporarily adjusting or suspending the dampener mechanism if oil prices and currency factors continue to reduce export earnings. Commentary: “In July 2025, dampener payouts decreased by 58% compared to the same period in 2024 (to 59.9 billion rubles),” notes Sergey Tereshkin, CEO of the fuel marketplace Open Oil Market. “Oil companies are left with no choice but to raise prices in those market segments where fuel price ...