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Manufacturing PMI Ahead of Expectations, But Weakness Evident Elsewhere

RUSSIA
  • August S&P Global Manufacturing PMI printed at 51.7 (exp. 50.1, prior 50.3), putting the index close to in-line with 2021 and 2022 highs of 51.9 and 51.8 respectively.
  • The contraction of the Russian economy slowed to -4.3% in July versus a decline of -4.9% in June, the Economy Ministry reported late Wednesday. The economy ministry cited continued growth in mining and momentum in agriculture.
  • Economic weakness was noted elsewhere, with RBC reporting that the decline in Russian house prices is at its most acute in Moscow. Housing weakness also features in Kommersant today, who write that a decline in buyer activity and rising costs for construction are leading a number of developers to place limits on new residential projects.
  • Bloomberg report that India will join Russia and China in holding military exercises in the week-long Vostok-2022 war games that start Thursday. Though India have avoided taking ides over the Russia-Ukraine war, the nation relies on Russia for weapons and have been importing more oil amid Western sanctions.
  • President Vladimir Putin visits the Kaliningrad region later today while Foreign Minister Sergei Lavrov speaks to students at a university in Moscow.
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