... local assets can be expected. The Central Bank of the Russian Federation published analytical materials earlier this week indicating a slowdown in inflation in July, signaling a possible pause in raising the key interest rate. This supports interest in bonds: OFZ yields continued to decline, and the state bond index RGBI stabilized near local maxima. Thus, several narratives are intertwining in the Russian market today — corporate results, dividend expectations, and the influence of external politics — ...

... subdued, creating room for cheaper credit. The regulator also improved the inflation forecast for the end of 2025 and allowed for the possibility of further rate cuts if current trends persist. Markets reacted ambiguously to the CBR's bold decision. Bonds saw an influx of buyers: OFZ yields fell on expectations of cheaper funding, increasing the attractiveness of government debt. However, stocks on the Moscow Exchange showed mixed dynamics throughout the day—several rate-sensitive sectors (such as energy and consumer sectors) ...