Market View

January 23, 2018

Fixed income: The sovereign curve showed mixed dynamics yesterday, starting out 50c weaker at the long end but then following intraday recovery in other EMs to close more or less unchanged. GDP warrants retreated a bit from last week’s close, around 75c lower, but felt decently bid above 65. Quasi-sovereigns and corporates were quiet, with DTEK slowly but steadily grinding higher (+0.25pt). A rare trade was reported in UKRLAN at 21 (albeit in retail size).

Equities: A selling mood prevailed in local stocks yesterday, with the UX index losing 0.9%. UNAF plunged by 10.6% while DOEN lost 3.7%, but CEEN and BAVL traded higher. The broader KP-Dragon index inched up by 0.6% on a 2.7% bounce in OVO. Investors also focused on MHPC (+1.6%), which closed at $13. As global markets are stronger today, we expect Ukrainian equities to open in positive territory.

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Name Close 1d, % 1m, % YTD, %
DAX 13,464 0.22 2.99 4.23
FTSE100 7,715 (0.20) 1.62 0.36
KP-Dragon 2,414 0.57 10.17 8.44
MICEX 2,309 0.97 9.67 9.43
PFTS 331.8 0.14 6.36 5.30
S&P500 2,833 0.81 5.69 5.96
UX 1,415 (0.90) 5.66 3.80
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