The Pulse
Fact-first news updates from markets, companies and regulators.
AI Brings the Money Back to Stocks: Global Equity Funds Draw $44.1 Billion in a Week
Global equity funds drew $44.1 bn in a week — the biggest inflow since July, as AI bets and cheaper oil outweighed a 22-year high in US bond yields
Mt. Gox Starts Repaying Bitcoin a Decade After Collapse: Creditors Begin Receiving $9 Billion
Mt. Gox has begun repaying creditors in bitcoin and bitcoin cash — about $9 billion, a decade after the Tokyo exchange collapsed and 950,000 coins vanished
Deposits Cool Off: Three-Month Rates at Russia's Top-20 Banks Fall Below 17%
Three-month deposit rates at Russia's top-20 banks fell to 16.94%, a low since Sept 2024, as lenders front-ran the Bank of Russia's key-rate cut to 18%
Surprise Acceleration: India's GDP Grows 7.8% in the June Quarter, a Five-Quarter High
India's GDP grew 7.8% in April-June 2025, a five-quarter high that beat the 6.7% median forecast, as capex, services and farming led - with tariffs looming
Tatneft Starts Serial Tyre Production at Its New Plant in Saran, Kazakhstan
Tatneft's KamaTyresKZ plant in Saran, Kazakhstan reached serial Attar tyre output; first loads went to dealers in Kazakhstan and Russia in July 2024
Nornickel Cuts Q3 Nickel Output 4% and Copper 7%, Reaffirms Adjusted 2025 Guidance
Nornickel's Q3 2025 nickel output fell 4% to 53,550 t and copper slipped 7% to 100,100 t as the miner reaffirmed its mid-year adjusted 2025 guidance
Indonesia Tells Furniture Exporters to Look Beyond the US Market
At IFFINA+ 2026 in Jakarta, Indonesia urged furniture exporters to diversify beyond the US, which takes ~60% of shipments; 2025 exports hit $2.39B
A Half-Point Reset: The Fed Opens Its First Rate-Cut Campaign in Four Years
On September 18, 2024, the Fed cut its rate 50 bps to 4.75%-5% - the first reduction since 2020 - and signalled about two more points of easing through 2026
Moscow Exchange Says It Will Be Ready for Crypto Trading by Early December
MOEX targets Dec 1, 2026 for crypto spot trading in quasi-dollars and rubles under unified clearing; perpetual futures on five crypto indices start Sep 22
Ripple and the SEC End Their Four-Year XRP Case: $50 Million Fine Stands, the Rest Returns From Escrow
Ripple pays $50 million of its $125 million SEC fine, the rest returns from escrow, and both sides drop appeals to end the four-year XRP case
Russia Lifts 2026 GDP Growth Forecast to 0.6% and Keeps Path to 2.4% by 2029
Russia lifts its 2026 GDP growth forecast to 0.6% from 0.4% and keeps a reacceleration path to 2.4% by 2029, with inflation seen back at 4% in 2027
T'way Air Becomes Trinity Airways: South Korea's Budget Carrier Renames Itself After the Sono Acquisition
T'way Air has rebranded as Trinity Airways after Sono Trinity Group bought a 46% stake for 250 bn won ($176.4M) - its first name change in 16 years
Warehouse Demand in Russia Falls 28% as Record Supply Hits the Market
Warehouse deal volume in Russia fell 28% to 4.1 mln sq m in 2025 while completions rose 71% to 6.5 mln sq m; IBC Real Estate sees 2026 as a balance year
Dollar Leaves the Exchange: Moscow Bourse Halts USD and EUR Trading After U.S. Sanctions
US blocking sanctions hit Moscow Exchange, NCC and NSD on June 12, 2024: dollar and euro trading left the exchange on June 13, CBR prices rates from OTC data
Hertz Turns Back: 20,000 EVs Leave the US Fleet as Gasoline Cars Return
Hertz will sell about 20,000 EVs - a third of its US electric fleet - and reinvest in gas cars, booking a ~$245M depreciation charge, it said Jan 11, 2024
Tourists' QR Payments Bring Indonesia $345.7 Million as the Cross-Border QRIS Network Expands
Indonesia logged 17.8 mln inbound QRIS payments worth $345.7 mln through August 2026 - over triple the $103.1 mln Indonesians spent abroad
Back on Schedule: Russia Hands Over 11 Turbines in 2025–2026 as Power Machines Recovers From Sanctions Delays
Russia delivered 6 steam turbines in 2025 and 5 more in 2026; 4 more are due by year-end as Power Machines shipments return to the re-approved schedule
Slower but Real: Russian Wages Add 5.1% in June as First-Half Growth Cools to 4.1%
Rosstat: real wages in Russia rose 5.1% y/y in June 2025, a spring high; the H1 gain of 4.1% trails 2024's 9.7% as nominal pay reaches 103,183 roubles
Bitcoin ETFs Bleed $6.4 Billion in a Month as the Token Drops Below $60,000
U.S. spot bitcoin ETFs bled $6.4 bln in 30 days — the heaviest monthly outflow since 2024 — as bitcoin slid below $60,000 to its lowest since October 2024
FT: Ruble Stablecoin A7A5 Moved $6 Billion in Transactions After US Sanctions
At least $6 bln moved through ruble stablecoin A7A5 in two months; after US sanctions 80% of tokens were burned and reissued, and it gained DFA status
CPO Breaks RM5,000: Falling Malaysian Stocks and Indonesia's B40 Mandate Reprice the Palm Oil Supply Chain
CPO futures passed RM5,000 a tonne for the first time since June 2022 as Malaysian stocks fell to 1.88 mt and Indonesia's B40 mandate looms over supply.
Türkiye's Tourism Revenue Hits Record $61.1 Billion in 2024 as Visitors Reach 62.2 Million
Türkiye's tourism revenue rose 8.3% to a record $61.1B in 2024; 62.2M visitors spent $972 each on average, TurkStat data show.
Russia Adopts Its Three-Year Budget: 40.3 Trillion Roubles of Revenue in 2025 as Oil's Share Is Set to Shrink
Russia's State Duma adopted the 2025-2027 federal budget: 40.3 trn roubles of revenue in 2025, a 0.5% GDP deficit and oil's share falling to 3.9% by 2027.
Consensus Cools: Analysts Cut Russia's 2025 Inflation Forecast to 6.3% and Growth to 0.9%
The Central Bank's December survey of 30 economists cut Russia's 2025 inflation forecast to 6.3% and GDP growth to 0.9%, with the key rate seen at 19.2%
O'Key Group Hands Its Hypermarket Chain to Management in a Near-Cashless Deal
O'Key Group's board approved selling its 77-store hypermarket chain in Russia to a management-owned vehicle; the cashless deal carries RUB 46bn of debt
Bank of Canada Holds Its Key Rate at 2.25% for a Seventh Time as Trade War and Oil Keep Inflation at 3%
The Bank of Canada left its overnight rate at 2.25% on September 2, 2026, a seventh straight hold, as 3% inflation and new U.S. tariffs cloud the outlook.
Indonesia Opens World's Largest Single-Line Copper Smelter as Freeport's Rp56 Trillion Gresik Plant Starts Up
Indonesia opened PT Freeport's Rp56T (~$3.7B) copper smelter in Gresik — the largest single-line design worldwide — plus an Amman Mineral plant, in one day.
Port Klang Sets a Record 15.1 Million TEUs in 2025, Holds No. 10 Spot Among the World's Busiest Container Ports
Malaysia's Port Klang handled a record 15.1 million TEUs in 2025, up 3.4%, holding the world's No. 10 spot as transhipment drove about 55% of volume.
Cherkizovo's H1 2025 Revenue Rises 9.8% to 136.9 Billion Rubles as Margins Narrow
Cherkizovo's H1 2025 revenue grew 9.8% to RUB 136.9bn on higher output and prices, while adjusted EBITDA fell to RUB 19.8bn and net profit slid to RUB 6.9bn
Infosys Trims FY27 Revenue Guidance to 1.5–3% as Q1 Net Profit Rises 12.2% to ₹7,769 Crore
Infosys' Q1 FY27 net profit rose 12.2% to ₹7,769 crore on 14% revenue growth, but the company trimmed FY27 constant-currency guidance to 1.5–3%.
Spot Ethereum ETFs Debut on US Exchanges: Nearly $500 Million Traded on Day One
Spot ether ETFs from BlackRock, Fidelity, VanEck and others began trading on US exchanges on July 23, 2024, with turnover nearing $500 million on day one
South Korea Wins US$34 Billion of Overseas Plant Construction Deals in 2024, Highest in Nearly a Decade
South Korean contractors won US$34 bln of overseas plant deals in 2024, up 12.7% and the highest in nearly a decade, with the Middle East at 46% of the total.
Rusagro's Q3 Net Profit Drops 37% to 15.9 Billion Rubles as Sugar and Crops Weigh
Rusagro's Q3 2024 IFRS net profit fell 37% to 15.9 bln rubles and adjusted EBITDA slid 29%, yet oils and fats kept revenue growing 6% to 76.2 bln rubles
A Cautious Step Down: Bank of Russia Cuts Key Rate by 100 bps to 17%
Russia's central bank cut its key rate from 18% to 17% on September 12, 2025, choosing a cautious 100 bps step as inflation expectations remain high
RZD Container Traffic Rises 4.6% to 5.26 Million TEU in Eight Months as the Network Targets a Record Year
Russian Railways moved 5.26 million TEU in January-August 2026, up 4.6% year on year, and targets 8 million TEU for a record after the 2025 decline.
EBRD Cuts Its 2026 Growth Forecast to 2.5% as Iraq Slides Into a Deep Recession
The EBRD cut its 2026 growth forecast for its regions by 0.6 pp to 2.5% on Iraq's deep recession and tighter finance; 2027 is still seen rebounding to 4%
Russia's Business Travel Bookings Rise More Than 50% in 2024 as Companies Chase New Markets
Russia's business-travel bookings rose over 50% in 2024; foreign trips hit 18% of demand, led by China and the UAE, and 2025 travel may add 15–20%
Russia's Average Hotel Night Falls 9% This Summer as Tourist Flows Shift From the South to Growing Regions
Russia's average hotel night fell 9% in summer 2025, to 10,949 rubles, as Krasnodar Krai demand cooled while Crimea (+42%) and 12 more regions grew, RST says
Below Target at Last: UK Inflation Falls to 1.7%, a Three-and-a-Half-Year Low Ahead of the Budget
UK CPI slowed to 1.7% in September 2024 - below the 2% target for the first time since April 2021 - putting a November Bank of England rate cut in sight
Switzerland Returns to Zero: SNB Cuts Its Key Rate to 0% as Deflation Concerns Grow
Switzerland's central bank cut its key rate by 25 bp to 0% on June 19, 2025 as consumer prices fall; economists see a possible return to negative rates
Sberbank Eyes a Second Straight Record: Trillion-Rouble H1 Profit and a 50% Dividend Pledge
Sberbank's H1 2026 IFRS profit rose 18.6% to 1.019 trln roubles; Gref pledged record 2026 dividends at a 50% payout after the 850.2 bln rouble 2025 record
Lemana PRO Names Denis Isayev CEO as the DIY Chain Works to Stay Intact Under Temporary Management
Denis Isayev became CEO of Le Monlid LLC (Lemana PRO, ex-Leroy Merlin) on Sept 22, 2026, replacing Laurent Defassieu amid the transfer to L.E.V. Management.
Glorax Raises RUB 2.1 Billion in the First Moscow Exchange IPO of 2025
Developer Glorax raised RUB 2.1 bn in the first Moscow Exchange IPO of 2025: 64 roubles a share, an oversubscribed book and a buyback offer at +19.5%
Retail Media Land Grab: T-Bank, Avito and Wildberries Build Ad Platforms as the Segment Heads to 285 Billion Rubles
T-Bank and Avito launch ad platforms as the online retail media segment in Russia is set to grow from 163.5bn to about 285bn rubles in 2024.
Türkiye's Economy Cools to 2.1% Growth in the Third Quarter of 2024
Türkiye's GDP grew 2.1% y/y in Q3 2024, below the 2.6% Anadolu survey forecast, as current-price output reached 11.89 trillion lira ($357.99 billion).
VTB Returns to Dividends After Four Years: Shareholders Approve a Record 275.8 Billion Rouble Payout
VTB's AGM approved the first dividends in four years: 25.58 roubles per ordinary share, a record 275.8 bln roubles, or half of 2024 IFRS net profit
Russia's Annual Inflation Accelerates to 6.33% in August Despite Monthly Deflation
Rosstat: Russia's annual inflation accelerated to 6.33% in August 2026 from 5.98% in July despite 0.08% monthly deflation; gasoline is up 24.6% year to date
RZD changes return fees for tickets purchased from December
RZD changes return fees for tickets purchased from December