... balance of these effects in H1 2025 has tipped in favor of the company (as operational savings and tax benefits offset currency losses), but there is no guarantee that this will repeat in H2 2025. Much depends on currency policy and oil prices (the key driver for currency revenues in Russia). Interest expenses are likely to remain high, given the tight monetary policy of the Central Bank of Russia; however, new sharp spikes are not expected unless the company increases its debt. Tax policy and regulatory ...

... the new week, most of the lost levels were recovered, and the market is now balancing in a narrow range. Analysts view this pause as a healthy "digestion" of the previous rally, with investors weighing further steps and awaiting new growth drivers. The external macroeconomic backdrop remains relatively neutral: the U.S. Federal Reserve, at its July meeting, predictably kept rates unchanged, avoiding negative surprises, although upcoming inflation data and the annual Fed symposium in Jackson ...

... moved within narrow ranges. The absence of sharp price swings is seen by participants as a sign of a healthy market: after the tumultuous growth of recent weeks, a natural "digestion" of achieved levels occurs. Investors are anticipating new drivers and keeping an eye on the external environment. The US Federal Reserve, during its meeting at the end of July, maintained the base rate at 4.25%, aligning with expectations and not causing turbulence. However, upcoming publications on inflation ...

... the dollar amidst trade optimism. Moreover, strong employment data in the US reduced expectations for an imminent Fed rate cut, leading to a rise in Treasury yields and making gold slightly less attractive in the short term. Nonetheless, fundamental drivers for demand for precious metals remain intact: inflation in Western economies is still above target levels, geopolitical tensions persist, and a potential shift in central banks' approach towards easing looms ahead. Analysts note that amidst ongoing ...

... the U.S. Department of Energy, gasoline consumption in early July was 1–2% lower than the previous year. Abnormal heat in the southern U.S. partially reduced long-distance driving; furthermore, the prevalence of remote work and thrift mode lowered driver mileage. Secondly, gasoline supply has increased: American refineries are operating at very high capacity, and fuel imports from Europe and Canada have sharply increased on the East Coast. In June, the U.S. imported about 100,000 barrels of gasoline ...