... bond market has not exhibited sharp changes. In April, OFZ yields remained elevated, reflecting the Central Bank's stringent stance and inflation concerns. A slight decrease in prices was observed at the long end of the curve: 10-year bonds slightly decreased in price (yield increased) as market participants adjusted their expectations regarding future rates. On the other hand, short-term bonds remain in demand due to the transfer of high base rates and a stable cash flow of investments into government bonds. Outlook and Strategies Thus, the April PMI data confirm the cautious nature of the recovery ...

... liquidity. This monetary policy suppresses the influx of speculative capital into risk assets, including cryptocurrencies, but simultaneously enhances the attractiveness of the dollar as a safe-haven asset. For dollar-pegged stablecoins, the high-interest rate presents a dual scenario: on the one hand, stablecoins do not produce returns when held, theoretically decreasing their attractiveness compared to, say, Treasury bonds or bank deposits. On the other hand, stablecoin issuers, by investing reserves in high-yield short-term bonds, achieve substantial profits, enhancing the financial stability of their tokens....

... this trend. According to the Moscow Fuel Association (MTA), in the week of September 2-8 alone, gasoline prices in Moscow rose by 24 kopecks for AI-92, 33 kopecks for AI-95, and 1.34 rubles for AI-100. While gasoline prices on the exchange began to decrease in September, they had approached their 2023 highs in the last week of August. Falling crude oil prices, which dropped from over $80 to $71 per barrel, are now driving exchange rates downward. Although oil prices have a delayed impact on domestic fuel costs, they may exert some pressure unless oil rebounds quickly. Another factor is the unusually warm September, which extended the summer travel season, increasing demand for ...

... profitability of port infrastructure. While some capacities remain underutilized (allowing for modernization and maintenance), decreasing throughput complicates the return on investment for capital-intensive projects. Enhancing operational efficiency will ... ... Profitability and Returns: a drop in cargo flows reduces potential revenues for operators, directly affecting the internal rate of return on projects. This necessitates adjustments to forecasts and payback periods for investments. Capital Investments: ...

... one of the ways to support regional budgets, which may face difficulties due to losses from corporate income tax. According to Rosstat data, the balance of profits and losses for wholesale and retail trade enterprises in the first four months of 2024 decreased by 51.7% compared to the same period in 2023, reaching 466.2 billion rubles (trade is one of the largest employers in the regions). At the same time, no one denies that the increase in excise tax rates affects fuel prices at gas stations. According to Gusev, the excise tax constitutes about 20% of the cost of gasoline and diesel fuel, meaning a 4% increase in excise taxes will inevitably result in a 1% rise in gas station prices. Tereshkin ...