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RUSSIA: Putin Hosts India’s Prime Minister Modi

RUSSIA
  • President Vladimir Putin hosts India’s Prime Minister Narendra Modi during his two-day visit to Russia. India’s Foreign Secretary told reporters in New Delhi that given the lack of recent summits, several issues on the bilateral agenda “have piled up, which need to be addressed.” According to Bloomberg, senior Indian diplomats said that while major announcements are unlikely, Modi’s visit is intended to send a signal that the two sides remain close.
  • The main drivers of Russia's economic growth in the first quarter of 2024 - consumer demand and capital investment - are unlikely to remain stable given that the CBR will probably soon hike its key rate, Vedomosti report. Citing experts at the Centre for Macroeconomic Analysis and Short-Term Forecasting (CMASF), it added that the cooling of the economy in H2 could be accompanied by a "quiet crisis," where a number of borrowers might need debt restructuring, while several major banks might require recapitalisation.
  • CPI data is the key data release of the week on Wednesday, where the year-on-year figure is seen increasing from +8.30% in May to +8.65%.

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