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Mixed Macroeconomic Data Increasing CBR Uncertainty

RUSSIA
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  • Kommersant report that the release of mixed macroeconomic data over the past week has resulted in an unusually high degree of uncertainty regarding what the central bank will do with its key rate at its next meeting on June 7. The main apparent takeaway is that a symbolic rate cut may be possible in the second half of 2024. But as it would then have to be raised again anyway, it will likely be left unchanged until the fall, the newspaper write.
  • Russian oil companies increased exports of ESPO crude through the Kozmino port in the Far East by 5% month-on-month to a record 960,000 bpd in the first 24 days of May, Kommersant report citing data from Kpler. The growth of exports in recent months has been driven by the resumption of purchases by India and stronger demand in China.
  • President Vladimir Putin is on the second day of his visit to Uzbekistan. The Bank of Russia will publish a report outlining the trends in the Russian economy. There are no data releases scheduled for today.
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  • Kommersant report that the release of mixed macroeconomic data over the past week has resulted in an unusually high degree of uncertainty regarding what the central bank will do with its key rate at its next meeting on June 7. The main apparent takeaway is that a symbolic rate cut may be possible in the second half of 2024. But as it would then have to be raised again anyway, it will likely be left unchanged until the fall, the newspaper write.
  • Russian oil companies increased exports of ESPO crude through the Kozmino port in the Far East by 5% month-on-month to a record 960,000 bpd in the first 24 days of May, Kommersant report citing data from Kpler. The growth of exports in recent months has been driven by the resumption of purchases by India and stronger demand in China.
  • President Vladimir Putin is on the second day of his visit to Uzbekistan. The Bank of Russia will publish a report outlining the trends in the Russian economy. There are no data releases scheduled for today.