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Investors get out of risky assets

On Monday, sales prevail in the segment of risky assets. Losses are borne by stocks, oil, high-yielding currencies. Investors are expressing concern about the ongoing pandemic, vaccination prospects and the economy’s response to these processes. In the absence of fresh news, as well as amid the weekend on the American stock exchanges during the day, market participants are likely to continue to focus on signals from the end of the week, where weak data on retail sales in the US and details of the Biden plan, which did not impress trading In Asia, the negative was somewhat softened by favorable statistics from China, where GDP and industrial production exceeded forecasts, although retail sales did not meet expectations. Nevertheless, the regional indices for the most part sagged at the end of the session – the exception was the shares of Hong Kong and China. On the Russian market, trading also began with a decline. The Moscow Exchange index, which last week failed to gain a foothold above 3500 points, is correcting within 0.5%, while the RTS has been losing 0.75% since the beginning of the session amid falling ruble, which also fell victim to the strengthening of the dollar. rebounding in demand as a defensive asset amid prevailing risk aversion, and weak US retail sales have only exacerbated this trend. Oil is also under pressure after an impressive drawdown on Friday, and at least in the short term, downside risks will continue to prevail. All this speaks in favor of a further retreat of the ruble – the dollar / ruble pair is approaching the level of 74 rubles, which may again turn into support in the coming week .____________________ Mikhail Dorofeev, Chairman of the Board, KPC Obnovlenie

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