Page 91 - RusRPTOct21

Therokerage market remained quite active in August. More than 600k unique accounts were opened during the month,ringing the total number of retail investors on the Moscow Exchange to 13.8mn.
Russian stocks surged ahead of DM and EM Global stocks to refresh their all-time highs at the start of September, supporting Fed Chair Jerome Powell’s dovish stance at the Jackson Hole summit.
The MSCI EM (+2.6)ounced, partly narrowing its previous monthly decline amid a recovery of Chinese stocks. Russia (RTS +3.6% / RUB-0.1%) outperformed in the EM space, despite the oil price slide (Brent -4.4%), on delta variant-related concerns.
Both developed markets and most EM markets surged. Fed Chair Jerome Powell’s Jackson Hole speech was regarded as more dovish than the markets expected, lending support to equities.
A drop in China’s COVID-19 cases, implying that the country was able to curb the spread of the delta variant, and fuelling expectations that the restrictions would soone eased, aided the commodity rebound.
91 RUSSIA Country Report October 2021 www.intellinews.com