Neighbouring markets could be tapped as part of the global refugee fundraising effort, and bridge the tens of billions of dollars annual gap in UN appeals.
The Russian government approved a list of 42 strategic initiatives for socio-economic development of the country on October 7. Their aim, according to the official announcement, is “to improve people’s quality of life."
Russia's exceptionally strong current account surplus helped the ruble outperform its peer currencies in 3Q21 and is likely to keep doing so in 4Q21. As a result, we see USDRUB appreciating to 70.0-71.0 in the coming month.
That naughty Vladimir Putin is up to his tricks again. Not weaponising football hooligans or COVID vaccines this time, but gas. Politicians are queuing up to blame Russia. The trouble is, this is not just bad analysis but also bad politics.
Energy prices have seen significant strength recently. European gas prices have rallied 94% during September, taking them to record levels. Oil and coal have also strengthened.
Consumption was the key driver of the 2Q21 economic recovery and remains so in 3Q21, with August employment and retail trade above expectations ahead of the likely spike in September.
Thirty-eight Ukrainian politicians are named in the Pandora Papers, including President Zelenskiy himself. In fact, Ukraine had more politicians pop up in the leak than any other country in the world.
Whoever wins the election, the energy lobby will continue to slow down the country's transformation to a carbon-neutral future.
Phase I re-rating has seen listed equities go from “never should have been so cheap” to now value-oriented and buttressed by strong profit growth profiles.
Despite the recent spike in oil and gas prices, Russia will limit mandatory FX purchases to $4.4bn, significantly lower than the $9-10bn monthly current account surplus that is to be expected for 4Q21 to support the currency.
Iranians have learnt the hard way that water shortages cannot be mitigated only by increasing water supply – it’s also important to manage water demand.
Polish inflation is set to keep rising in the coming months, nearing 7% by December 2021. We see average CPI in 2021 at 4.75% y/y and at 4.5% y/y in 2022. The NBP may quite likely under-deliver with tightening vs elevated market expectations.
Without a comprehensive normalisation of relations between Serbia and Kosovo, tensions will continue to fester and the daily lives of Kosovo’s Serbs and Albanians alike will be sorely affected.
The price of gas in Europe has increased dramatically in recent weeks, influenced by surging demands and insufficient production. The price of North Sea Brent crude approached the level of $80 per barrel for the first time in three years.
The primary fuel for nuclear plants was sliding for much of the 2010s, with no signs of a major turnaround. Yet since mid-August, prices have surged by around 60% as investors and speculators scramble to snap up the commodity.
A case filed by Armenia against Azerbaijan in the International Court of Justice could have significant implications for the conflict. And it carries risks for both Armenia and Azerbaijan.
In the push for reducing carbon, significant investment will be necessary, and in turn, funding will be required. This will provide growth for the credit market, and in particular for anything associated with ESG.
In times of crisis there is a fight to quality by bond traders who are keen to reduce their risks. However, in this crisis the countries of Central Europe have done surprisingly well thanks to ECB support.
With the rapid economic recovery phase now behind us and the peak of the fourth COVID wave just ahead, the Romanian economy is starting to feel the need for additional growth drivers.
The Communist Party of the Russian Federation massively improved its standing following the elections for a new Duma, but was robbed of the much larger share it actually won. The question now is what – if anything – can the KPRF do?