This morning, the main issue for Ukrainian players can be formulated as such: will the decline in global indexes’ growth stop growth from occurring in Ukraine? The answer to this question can be summed up in two steps: if the growth of the UX Index on Friday was nothing more than the usual closing of short positions, then in general, the neutral dynamics of the U.S. market should not interfere with Ukrainian optimists - at least in the first half of the day.
At the same time, as for the next week, we should not forget that risky asset markets still appear to be exhausted and the risk appetite, if one can be observed, seems to be rather anemic and mainly running on inertia. One thing that could make a difference, in our opinion, would be an increase in the yields of U.S. T-bills: if, after four consecutive days of decline, the yield of the most important “risk-free asset” decreases, this should be sufficient to trigger a growth in demand for the entire group of risky assets, ranging from stocks to commodities.
