周一，基于卢布的MOEX俄罗斯指数微涨至3478点，得益于盈利和股息公告，该指数加快了早盘的步伐。最大的胜利来自罗塞蒂（3.7%）、苏尔古特（2.6%）、奥松（2.3%）、NLMK（2.3%）和Severstal（2%）。Surgut在2024年第一季度的净利润比2023年同期增长了4倍后上涨，而卢克石油公司在批准2023年每股498卢布的股息后上涨了1.7%。此外，Moex和Sovcomflot分别上涨1.1%，前者受益于CBR官员的鹰派语气，后者则受到恢复向印度输送石油的提振。另一方面，Mechel（-2.8%）、MosEnergo（-1.3%）、VK（-1%）和Nornickel（-0.9%）下降。尽管该国政府决定在2024年5月1日至8月31日期间取消动力煤和无烟煤的出口税，但煤矿工人Mechel和Raspadskays表现出相反的动态。

The ruble-based MOEX Russia index edged up to 3,478 on Monday, picking up the morning pace thanks to earnings and dividends announcements. The largest wins came from Rosseti (3.7%), Surgut (2.6%), Ozon (2.3%), NLMK (2.3%), and Severstal (2%). Surgut rose after increasing its net profit by 4 times in the Q1 of 2024 compared to the same period of 2023, while Lukoil added 1.7% having approved dividends in the amount of 498 rubles per share for 2023. Also, Moex and Sovcomflot advanced by 1.1% each, with the former benefiting from a hawkish tone of CBR officials and the latter being boosted by the resumption of oil deliveries to India. On the other hand, Mechel (-2.8%), MosEnergo (-1.3%), VK (-1%), and Nornickel (-0.9%) declined. Coal miners Mechel and Raspadskays showed opposite dynamics despite the decision of the country's government to lift of export duties on thermal coal and anthracite for the period from May 1 to August 31, 2024.

周一，基于卢布的MOEX俄罗斯指数第四个交易日几乎没有变化，为3470点，因为在CBR发出鹰派信息后，投资者在5月假期前减少了活动。最大的胜利来自Surgut（2.1%）、AFK Sistema（1.8%）、Moex（1.6%）和BSP（1.2%）。此外，俄罗斯天然气工业股份公司上涨0.5%，预计季度业绩将于5月2日前公布。另一方面，Mechel（-1%）、Unipro（-0.9%）、GLTR（-0.8%）和PIK（-0.7%）下降。尽管该国政府宣布在2024年5月1日至8月31日期间取消动力煤和无烟煤的出口税，但煤矿商Mechel和Raspadskays的股价表现出相反的动态。在地缘政治领域，由于担心美国的制裁，几家中国大银行抑制了国与国之间的支付，中国出口商诉诸地下金融渠道恢复与俄罗斯的贸易。

The ruble-based MOEX Russia index was little changed for the 4th session at 3,470 on Monday, as investors reduced their activity after the CBR delivered a hawkish message and ahead of May holidays. The largest wins came from Surgut (2.1%), AFK Sistema (1.8%), Moex (1.6%), and BSP (1.2%). Also, Gazprom advanced by 0.5% in anticipation of quarterly results due for a release sometime before May 2nd. On the other hand, Mechel (-1%), Unipro (-0.9%), GLTR (-0.8%), and PIK (-0.7%) declined. The shares of coal miners Mechel and Raspadskays showed opposite dynamics despite the announcement of the country's government about the lift of export duties on thermal coal and anthracite for the period from May 1 to August 31, 2024. On geopolitical arena, China's exporters resorted to underground financial channels to restore trade with Russia after several Chinese big banks throttled payments between countries in fear of US sanctions.

俄罗斯10年期政府债券收益率升至25个月高点14.46%。过去4周，俄罗斯10Y债券收益率上涨67.50个基点，过去12个月上涨381.50个基点。

Russia 10 Year Government Bond Yield increased to a 25-month high of 14.46%. Over the past 4 weeks, Russia 10Y Bond Yield gained 67.50 basis points, and in the last 12 months, it increased 381.50 basis points.

周五，基于卢布的MOEX俄罗斯指数第三个交易日下跌至3440点，抵消了此前的涨幅，此前CBR在4月会议上强调了长期紧缩货币政策的必要性。该行上调了GDP和通胀预测，指出价格风险仍然很高，消费强劲。在企业方面，胜利来自俄罗斯航空公司（2.4%）、Unipro公司（1.6%）、Rosseti公司（1.5%）、Polus公司（1.4%）和Samolet公司（1%）。Polus受益于金价上涨，而Samolet在2023年净利润同比增长71%后有所增长。与此同时，MTS股价上涨0.7%，因预计MTS银行将于莫斯科时间15:00首次公开募股。相比之下，FixPrice（-2.6%）、MKB（-1.2%）、PIK（-12.2%）和VK（-0.9%）有所下降。前者因第一季度净利润下降43.8%而受到处罚。每周，该指数下跌约1%。

The ruble-based MOEX Russia index was muted for the third session at 3,440 on Friday, erasing the earlier gains after the CBR stressed the need for prolonged tight monetary policy at its April meeting. The lender revised upwards its GDP and inflation projections, noting the price risks remained high and consumption robust. On the corporate front, wins came from Aeroflot (2.4%), Unipro (1.6%), Rosseti (1.5%), Polus (1.4%), and Samolet (1%). Polus benefited from elevated gold prices, while Samolet increased after presenting a 71% yoy growth in its net profit for 2023. Simultaneously, MTS advanced by 0.7% in anticipation of MTS Bank IPO at 15:00 Moscow time. In contrast, FixPrice (-2.6%), MKB (-1.2%), PIK (-1.2%), and VK (-0.9%) declined. The former was penalized by a 43.8% fall in Q1 net profit. Weekly, the index was in for around a 1% drop.