As of October, budget expenditures accounted for about 14% year-on-year and are the reason for all other financial developments.

The M2 monetary aggregate remains at 14% and is not going to decline.

Inflation, liquidity shortages and rising interest rates will also persist.

MMK’s financial results do not bode well for the company.

US budget expenditures remain at a low level.

Despite the budget deficit, inflation will not be too acute.

Phosagro's do is not going too well.

The M2 monetary aggregate is slowly declining, but remains at 13 percent.

Figure1

Money is being converted into cash and short-term assets - liabilities and loans are under pressure.

The percentage of interest income in M2 is decreasing.

Figure2.

This can stimulate the flow of money into currency and stock speculation.

Gazprom has improved its free cash flow from operating activity but it remains negative.

Figure1.

​​​​Overall performance has also improved, but dividend payout potential remains at 10-12 rubles.

Figure2.

Lukoil has reached a free cash flow figure of 600 rubles per share.

It's a good result, but it's hard to sell right now.

Mobile Telesystems has sharply reduced its free cash flow.

Whether this is an incident or a new pattern, we will only find out in the future.

Budget expenditures are slowly decreasing to 14.5% year-on-year.

Thus, the Central Bank's key rate has little chance of rising.