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COPPER TECHS

(U1) Firmer Within Its Range

US TSY FUTURES

Bonds Extending Lows

RUSSIA

Moscow Mayor Says Covid Cases Have Peaked

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  • Russia's MOEX index has been on a robust run of form after forming a double bottom formation at the start of march – outperforming high-beta peers Turkey & SA
  • In the past 6-months, the MOEX has gained +10.25%%, and has been narrowing the gap to SA's Top40 at 12.63% which has been in in broad consolidation pattern since mid-March.
  • Meanwhile Turkey struggles for bullish traction, hovering just above positive territory at 3.32%.
  • Reduced geopolitical risks and firmer oil prices continue to buoy Russian stocks as markets eye the meeting between Biden & Putin.
  • Oil has seen renewed bullish momentum on upbeat demand-side forecasts and a slower than expected return to production in Iran as nuclear deal talks see slow progress.