... American market to macroeconomic fluctuations. Drivers of the New High Technological Momentum: leading positions of companies involved in artificial intelligence, cloud computing, and digital advertising. Business Profitability: stable operational margin indicators in the software, semiconductors, and communications sectors. Liquidity Factor: steady inflow of funds into index funds and pension plans, supporting multiples . Corporate Buybacks: reduction in free float and enhancement of earnings per share ...

..../dozen) Flour: slight increase Milk: minor price change Sugar: remains stable Therefore, despite the decrease in egg prices, the overall increase in ingredient costs has made pancakes in 2025 noticeably more expensive. The “Pancake Index” as an Indicator of Inflation Experts emphasize that the “Pancake Index” can be considered an accurate reflection of inflation dynamics, as it is based on essential products found in every Russian household. Unlike official economic indicators that encompass ...

... — Risk Assessment and Implications for Markets Key Data Industrial Production (July): +5.7% YoY (expected +6.0%; previous value +6.8%). Industrial Production Year-to-Date: +6.3% YoY (previous +6.4%). Retail Sales: performance weaker than expected, indicating sluggish domestic demand. The Chinese economy slowed down in July, with both industrial production and retail sales falling short of consensus expectations. For investors, this signals a cautious reassessment of growth rates, corporate profit ...

... billion; support came from high prices for Urals crude oil. Leonid Mikhelson – +$1.5 billion , nearly $24 billion; substantial growth was driven by long-term LNG contracts in Asia. 5. Factors Accelerating Wealth Growth 5.1 Capital Markets Russian indices ended the first half of the year in positive territory: the IMOEX gained over 12%, positively reflecting on the valuations of billionaires' public companies. 5.2 Commodities and Exports High global prices for oil, metals, and fertilizers maintained ...

... Geopolitical risks and sanctions. The U.S. administration is ramping up pressure on Moscow. At the end of July, President Donald Trump shortened the deadline for resolving the Ukraine conflict: an ultimatum (~10 days) expires on August 8, and the president indicated he is "unconcerned" about potential negative market reactions to new stringent measures against Russia. This pertains to the imposition of 100% tariffs on Russian exports and secondary sanctions against buyers of Russian oil and gas....