... 18.8–21.8%). Key Rate 2026: 12–13% (forecast improved from 13–14%). Key Rate 2027: 7.5–8.5% (unchanged; a level close to neutral). 2028 Forecast: Average rate of 7.5–8.5%, signifying a return to neutral policy in the long term. Inflation: Inflation forecast for the end of 2025 has improved to 6–7% (down from 7–8%). The inflation estimate for 2026 remains confirmed at around 4% target level. Economic Growth: The forecast for Russia's GDP growth in 2025 remains in the range of 1–2%, and for ...

... real economy – activities like starting small businesses or expanding existing ones – which indirectly improves the business climate. Some individuals may hedge a potentially weaker ruble by buying foreign currency or gold. However, if the economic forecast for Russia holds true and inflation slows, ruble-denominated assets (stocks, bonds, real estate) should in general outperform passive holdings in currency or precious metals. Fundamental analysis of the current scenario confirms the appeal of companies tied to domestic demand,...

... report release—often they outweigh the financial metrics of mining companies. Starbucks (SBUX) – Report After Market Closure Forecasts: EPS of ~$0.64 (a significant decline of ~31% year-on-year) on revenue of ~$9.3 billion (up 2% year-on-year). Despite ... ... squeezed by rising costs. Commentary: The main topics for Starbucks are the recovery of business in China and the impact of inflation costs (wages, rent, raw materials) on operating margins. Weak profit growth is expected, partly due to increased wages ...

... emerging countries. Eurozone – Unemployment Rate (12:00 MSK): The unemployment rate for the Eurozone in June will be announced. Forecasts converge around the mark of ~6.3%, which is close to multi-year lows (it was 6.3% in May). The European labor market ... ... Conversely, any minor uptick in unemployment would signal the influence of tighter monetary policy on economic activity. US – PCE Inflation (15:30 MSK): The key US inflation indicator—the Personal Consumption Expenditures (PCE) Price Index for June—will ...

... Investments (SFIN) ). Completion of the tax period in Russia, which may impact export revenue sales volumes and the dynamics of the ruble exchange rate. Expectations for the upcoming meeting of the U.S. Federal Reserve ( Fed ) later in the week, shaping forecasts on interest rates and inflation. Global Markets: Investor Expectations and Forecasts As the new week begins, global financial markets exhibit cautious optimism. Investors are assessing prospects and adjusting strategies in anticipation of a series of important events that ...