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Overview of August 2020

Краткий обзор событий за Август 2020
The recovery of the global economy after the collapse of the second quarter continues, although, as expected, slowly. In Europe, foci of the coronavirus epidemic are growing again, while it is curious that in Sweden, where there were practically no quarantine restrictions, the incidence is declining, and in the United States the situation is also stabilizing. However, although the economy has a long way to go to recover to pre-crisis levels, stock prices have already exceeded them. The S&P 500 index added as much as 7% over the month and closed at a historic high of 3500 points, a significant role in this was played by the rapid growth of quotations of a number of the largest technology companies, which is more and more like a typical “soap bubble”. However, stock prices will continue to be supported by the stimulating monetary policy of the US Federal Reserve, which, by the way, has announced a number of changes to its long-term strategy. Now, instead of targeting a certain unemployment rate, the Fed will simply seek to maximize American employment, and instead of targeting a certain inflation rate for the year, it will target the average inflation rate over the long term. Given that inflation in the US has been low in recent years, it follows that if inflation rises even above the target level, the central bank will continue to stimulate for a long time and keep rates low. The US monetary policy, softer than in other countries, continued to weaken the dollar against other currencies, the dollar index closed at a three-year low in August, which has already caused a number of worried comments in the European Central Bank, however, things have not gone beyond expressing concern.

In Ukraine, the epidemic continues to grow in a threatening manner. However, as we wrote earlier, no less fear is the course chosen by the authorities. The decision of the constitutional court on the inconsistency with the constitution of the appointment of the director of NABU, the decision of the Pechersk court to pay the Surkis $ 350 million from Privatbank, a sharp change of four out of six members of the NBU board, the lack of reaction from the authorities to Vovk's tapes, attacks on anti-corruption journalists, odious appointments of top officials, etc. certainly look extremely bad to foreign investors and lenders. The likelihood of continuing cooperation with the IMF, in our estimation, continues to fall rapidly. However, in a sense, there is also reason for long-term optimism. The August events clearly showed everyone the sad state of the Ukrainian judicial system, and if cooperation with international creditors ever continues, a more decisive reform of the Ukrainian courts will probably already be included in the list of requirements. In the coming months, Ukraine has no need for financing, and the external background remains relatively favorable, so the slow recovery of the Ukrainian economy is likely to continue. But the situation may worsen at the beginning of next year, when it turns out that with the current political course of the country, the IMF and other international lenders will refuse to lend us further.

Funds under management

Funds under management

Argentum

PIC*

10.26 uah.

+0 %

NAV*

227 473 uah.

+0 %

Platinum

PIC*

428.15 uah.

+0 %

NAV*

9 301 599 uah.

-799.31 %

Aurum

PIC*

47.30 uah.

-1.52 %

NAV*

1 069 556 uah.

-1.52 %

Laurus

PIC*

4.90484 uah.

+0.04 %

NAV*

19 103 816 uah.

+0.04 %

Value of indices

PFTS index

507.03

+0 %

UX іndex

1 384.54

+0 %

General SCHA stock

29 702 443 uah.

PIC and NAV on 28 March 2024 **

*PIC - Price Invest certificates, stocks, pension unit.

*NAV - Net Asset Value

**PIC and the NAV calculated at the end of the previous working day

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