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Manufacturing PMI Rises to 53.6, Macroeconomic Data on the Docket

RUSSIA
  • S&P Global’s PMI showed Russia’s manufacturing index rise to a greater-than-expected 53.6 (Est: 51.5) compared to 52.6 prior.
  • Russia’s federal budget deficit reached almost RUB4 trillion by the end of February, exceeding the full-year plan by RUB1.1 trillion, Izvestia reports. For FY-2023, the Finance Ministry forecasts a deficit of RUB2.9 trillion, or 2% of GDP.
  • India is seeking to convince Moscow and Beijing to go along with a consensus on describing Russia’s war in Ukraine, similar to the one reached by leaders of the G20 nations last year, a senior official with knowledge of the matter said according to Bloomberg. Foreign Minister Sergei Lavrov is visiting India today for a G20 foreign ministers meeting.
  • A slew of macroeconomic data is scheduled for release at 1600 GMT/1900 local time, including retail sales data (Est: -10.7% y/y, Prior: -10.5% y/y), unemployment data (Est: 3.9%, Prior: 3.7%) and real wage data (Est: -3.0% y/y, Prior: 0.3% y/y). Weekly CPI data is also on the docket.

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