RUSSIA / FSU POLITICS - In Brief 20 Dec 2021

On December 16 the suit was filed against Centerra Gold for violating the rights of its workers at Kumtor Mine. The company ran the mine for over 20 years. The company was said to have stopped the administrator from having access to the mine's computers when the government assumed temporary contr...

RUSSIA / FSU POLITICS - In Brief 20 Dec 2021

The Collective Security Treaty Organization is carrying out military drills along the Afghan Border in December 2021. The CSTO comprises 6 former Soviet republics led by Russia. Uzbekistan is not in the CSTO but has been attending some CSTO conferences on Afghanistan. Russia would dearly like to ...

TURKEY - In Brief 20 Dec 2021 2 responses

After weakening past the 18-mark against the USD, the TL appreciated dramatically after President Erdogan’s statements this evening (link here). Although markets are too illiquid to attribute too much significance to this very sharp movement, it appears to have been triggered by Erdogan’s announc...

BRAZIL ECONOMICS - Report 20 Dec 2021

In the minutes of the last COPOM meeting and in the most recent Inflation Report, the Central Bank left no doubts: monetary policy will remain in significantly restrictive territory for as long as it takes to bring inflation back to the target. However, its projections indicate GDP growth of 1% i...

UKRAINE - In Brief 20 Dec 2021

GDP growth in 3Q 2021 was reported +2.7% y/y, up from the +2.4% y/y estimated previously, according to the Statistics Office release today. Household consumption remained strong in 3Q, with +9.0% y/y growth, as did investment in fixed assets, with +14.5% y/y growth. The key point that pulled GDP ...

CENTRAL AMERICA - Report 20 Dec 2021

Costa Rica’s Christmas season promises more economic activity, as is usual at this time of year, while unemployment figures are slowly falling. The virtual removal of mobility restrictions and more flexibility for gathering have been key measures, favored by a good pace of vaccination, while new ...

HUNGARY - Report 20 Dec 2021

Unlike in previous months, there is some important good news to report on Covid. The local 4th wave of the disease seems to have passed its peak in late November. At present, all leading Covid indicators are improving, essentially thanks to the re-enforcement of face masks and to more effective v...

ISRAEL - Report 20 Dec 2021

Highlights​: Low inflation in November: *Headline inflation in November inched higher to 2.4% y/y from 2.3%, in line with our forecast but at the low end of consensus. *Core inflation has remained stable at 2.1% since September. *Housing rental prices accelerated in November, offset by a ...

CHINA ADVISORY - Report 20 Dec 2021

The Evergrande default took the market by surprise as central government support (at least until recently) was widely expected. Since then, China has issued mixed signals about its plans for handling the Evergrande crisis. On one hand, the central bank cut the Required Reserve Ratio, releasing 1 ...

CHILE - In Brief 19 Dec 2021

Gabriel Boric’s victory in Sunday’s run-off election is an amazing political and personal story, from the time he emerged a as a student leader over ten years ago, to his surprise win in his coalition’s primaries last July. And now, at 35 years of age, with the largest amount of votes any winner ...

TURKEY - In Brief 19 Dec 2021 2 responses

On Friday, the main Turkish stock index collapsed suddenly, triggering two trading halts, as anecdotal evidence emerged of increased cash withdrawals from banks. It is difficult to imagine Turkish financial markets finding an equilibrium level this week, as first economy czar Mr. Nurettin Nebati,...

ISRAEL - In Brief 19 Dec 2021

Low inflation in November Headline inflation in November inched higher to 2.4% y/y from 2.3%, in line with our forecast but at the low end of consensus. Core inflation has remained stable at 2.1% since September. Housing rental prices accelerated in November, offset by a price decline in clothing...

RUSSIA / FSU POLITICS - In Brief 19 Dec 2021

On December 17 a Ukrainian soldier was killed by pro-Russian rebels. Russia has reportedly massed 100,000 troops on Ukraine's eastern frontier. NATO analysts said this could reach 175,000 in January.Moscow laments that NATO has spurned its offer to de-escalate the tensions. NATO said it will not ...

ARGENTINA - In Brief 17 Dec 2021

Both the Supreme Court’s declaring the reform of the Council of the Magistracy unconstitutional and the Lower House’s rejection of the 2022 budget are two clear signals of the power shift in the Congress after the mid-term elections.Although the underlying risk is that of a radicalization of the ...

GULF COUNTRIES - Report 17 Dec 2021 1 response

​A skimmable summary overlaid with our analysis and links. Headlines: * OPEC and IEA have concluded Omicron won’t have much of an impact on oil demand. * The GCC summit was a fairly standard affair, with the most notable features being King Salman’s absence and a softer approach to Iran in th...