RUSSIAN EQUITY STRATEGY: The Party is Over

06/26/2015
After a shaky start to the year, the Russian economy gave investors and government officials some reasons to cheer: oil prices recovered, the rouble strengthened, inflation started to slow, and GDP dropped “only” 2.2% YoY in 1Q15. For some officials this was enough to claim that the worst was nearly over for the economy. Unfortunately, we do not share their optimism and believe that deteriorating macro-economic conditions have yet to be fully reflected in market levels.
 

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