Having started this trading week not in the best mood, the Russian indices returned to growth, accelerating the rise in trading on Wednesday. Moreover, the external background looks rather modest – most of the indices are growing, but unevenly and cautiously, which may indicate the difficulty in the development of an upward impulse due to the accumulated overbought. against the backdrop of rising European markets and oil prices. The revival of the demand for risk was caused by yesterday’s speech by the future US Treasury Secretary Janet Yellen, who, as expected, called on the new government to take a large-scale response to the crisis faced by the country’s economy amid the pandemic. Investors are also optimistic about Biden’s inauguration later today. The ruble is also strengthening its position, taking advantage of the weakening dollar. The dollar / ruble pair slipped to the RUB 73 mark, which, however, is unlikely to be passed easily in the short term. Firstly, the pressure on the dollar looks moderate and is already weakening in places, and secondly, oil is experiencing difficulties in developing a bullish momentum, although it maintains an upward bias after yesterday’s rebound from local lows. Also, do not forget about geopolitics. In the situation with Navalny, no further deterioration in the rhetoric of the West has yet been observed, but the situation remains tense. Meanwhile, Washington has expanded its sanctions against Nord Stream 2. These restrictions will not have a detrimental effect on the construction of the gas pipeline, but will definitely slow down the process. ________________ Mikhail Kogan, Head of Analytical Research Department, Graduate School of Financial Management