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Ruble, MOEX Index Begin Week Lower Following Wagner Revolt

RUSSIA
  • The Moscow Exchange is due to operate normally after Mayor Sergei Sobyanin declared a non-working day in the capital in response to the Wagner group’s armed revolt. At the time of typing, the MOEX Index sits 0.6% in the red while USDRUB trades 0.6% higher and at its highest since April 2022.
  • China said it supports Russia’s actions to maintain national stability after the Wagner mercenary group revolt over the weekend. The brief statement by a Chinese Foreign Ministry spokesperson, who described the weekend’s events as “Russia’s internal affair,” came after Foreign Minister Qin Gang met in Beijing with Russian Deputy Foreign Minister Andrey Rudenko.
  • US Secretary of State Antony Blinken said the revolt was a “direct challenge” to Putin’s authority and “raises profound questions,” in an interview Sunday on CBS. “We can’t speculate or know exactly where that’s going to go. We do know that Putin has a lot more to answer for in the weeks and months ahead.”
  • Elsewhere, the central bank is due to report an estimate of inflation expectations for June. Macroeconomic data is on the docket later this week:
    • 28/06: Industrial Production (Est: +5.7% y/y)
    • 28/06: Retail Sales (Est: +8.1% y/y)
    • 28/06: Unemployment Rate (Est: +11.7%)

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