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China Official to Visit Russia, PMIs Miss Expectations

RUSSIA
  • Flow via the Nord Stream 1 pipeline remains halted after a leak on Friday. Kommersant sources write that they do not expect deliveries to be resumed in the foreseeable future, leaving markets at risk of a protracted supply outage on the continent.
  • Bloomberg report that China’s third most senior official, Li Zhanshu, will visit Russia for the Seventh Eastern Economic Forum, becoming the nation’s most-senior leader to travel abroad since Covid’s early days. The trip will show a strengthening of Beijing-Moscow diplomatic relations as China resists US calls for it to condemn the war.
  • S&P Global Services and Composites PMIs both printed below expectations this morning, with the Services PMI notably falling to 49.9 vs. Exp. 54.0 for the first time since June. There are no other major economic releases scheduled today.
  • Kommersant report that South Korea, Japan and Taiwan are reducing coal purchases from Russia with imports falling by 3%, 25% and 33.3% by the nations respectively according to customs statistics. According to analysts, the East Asian nations are unable to completely phase out Russian coal though can import from Australia instead at a higher price.
  • According to Interfax, the Moscow Exchange is to halt FX trading at 10:50am local time, giving no specific reason for the halt in trade.
  • President Putin will visit the Kamchatka Peninsula today while Deputy Prime Minister Alexander Novak participates in an OPEC+ meeting.

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