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Russia, China, Iran Begin Joint Military Exercise

RUSSIA
  • Russian, Iranian, and Chinese ships have begun the practical phase of a joint exercise in the Gulf of Oman in the Arabian Sea that will include practical firing, the Russian Defense Ministry said on Tuesday.
  • Russia is weighing options for big tax increases to raise as much as RUB 4trln ($44bln), Bloomberg report. Tax hikes on corporate profits and on high-earning individuals are being considered, two people involved in the discussions said. The government may raise personal income tax to 20% from 15% now for those earning more than RUB 5m, and company taxation to 25% from 20%.
  • There are no major economic releases on the docket today. CPI data is the highlight of the week tomorrow afternoon (Est: +7.61% y/y; Prior: +7.44%).
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