Without being overly optimistic about the sustainability of the positive impact the Fed's rate cut had on the Russian market-as we doubt investors will unanimously convert to a vision of swift credit risks removal and liquidity abundance-we nevertheless think this change has been a positive for high-beta asset classes in general. To this we add the very strong oil prices, which we think are yet to be priced in by Russian oil stocks. We reiterate our view from a month ago that Russia would appear compelling once sentiment improves, due to its strong macro and fiscal position, and attractive valuations. We think the coming months should deliver a stronger market performance, allowing the RTS to catch up with MISCI EMEA. Our year-end RTS target remains unchanged at 2,200.