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Macroeconomic Data Releases Take Focus

RUSSIA
  • Deputy Defense Ministers of Turkey, Russia and Ukraine will meet on Friday to discuss the extension of the grain corridor agreement, state-run Anadolu Agency cites the Turkish Defense Minister as saying. The Kremlin said on Tuesday that the window to extend the Black Sea grain deal was shrinking, and has repeatedly indicated it is prepared to walk away from the deal if its demands to ease restrictions on its own agricultural exports are not addressed.
  • Gas production in January-March decreased by 10% y/y to 180bcm, Kommersant reports, citing unidentified people familiar with the statistics. Gazprom’s production continues to decline amid falling exports to the EU, they say, having reduced its production by almost 18% in Q1.
  • A meeting between the foreign ministers of Turkey, Russia and Syria may take place on May 10, Turkish broadcaster NTV cites Turkish Foreign Minister Mevlut Cavusoglu as saying.
  • A slew of macroeconomic data is on the docket this afternoon (1700BST/1900 local time):
    • Retail Sales (Est: -5.0% y/y)
    • Unemployment Rate (Est: 3.6%)
    • Real Wage Data (Est: 0.9% y/y)

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