Free Trial

GDP Expected to Contract at Fastest Pace Since COVID

RUSSIA
  • The National Settlement Depository has formally filed a lawsuit with the European Court of Justice, seeking a removal of restrictions placed on the NSD that has prevented investor payments.
  • The NSD argue that sanctions restrictions are unlawful and unjustified. The news follows the beginning of talks between Russian law firms and Euroclear, who have frozen as much as $500mln in Russian assets since the Ukraine invasion.
  • GDP data is due today, and is expected to show growth dropped from +3.5% Y/Y in Q1 to a contractions of 4.7% in Q2 as sanctions pressure following the Ukraine invasion impacted the economy. A drop to -4.7% would be among the fastest contractions for the Russian economy on record – with a faster drop in GDP only occurring on three other occasions: the 2020 COVID crisis, the 2009 Global Financial Crisis and the 1998 Ruble crisis.
  • Focus today turns to the presentation of the CBR’s monetary policy briefing from the deputy governor Zabotkin at 3pm local time (1300BST/0800ET).
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.