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OFZs Find Some Reprieve, Debt Risks in Focus in US-Russia Talks

RUSSIA
  • Local & USD rates trade mixed to slightly weaker this morning, following yesterday's broadly firmer session.
  • OFZs closed bull flatter in yesterday's session to mark a second day of gains – most notably in 10-15Y yields. The 10Y OFZ fell -3bp, but will need to make a decisive break below 7.20 to negate the recent uptrend.
  • Geopolitical risks will be in focus today with headline risks abound as US-Russia strategic stability talks take place against the backdrop of brewing US debt sanctions.
  • Weekly CPI figures printed notably higher at 5.2% YTD & 0.3% w/w – raising concerns of still higher CPI in September, despite CBR hikes.

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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