MNI China Daily Summary: Monday, November 25

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RUSSIA: Rising Public Sector Pay Could Raise Odds of Oct Rate Hike

RUSSIA
CEEMEAEM BulletRussiaBulletGlobalEmerging Market NewsRegion
  • PMI stats for September deteriorated somewhat and came in below expectations. The services PMI slowed to 50.5 vs. Exp. 51.5 (Prev. 52.3), leaving the composite PMI at 49.4 (Prev. 52.1).
  • Foreign Minister Lavrov again talked up Russia-China connections, stating that both economies were developing rapidly despite Western sanctions against both countries. Lavrov stated that Russia are making a considerable contribution to China's energy security - flagging that Russia-Chinese mutual trade grew at its fastest pace last year.
  • The government are intending to raise the pay of public sector workers across the social sector - resulting in firmer pay packets for teachers and healthcare workers. Rates of increase of pay will be 13.2% next year, and then 10.2% and 8.3% in the two years thereafter.
  • On the pay rises, the deputy finance minister stated that the government will increase spending this year by RUB 1.5trl without tapping into the National Welfare Fund or by raising borrowing. Kommersant write that the growing budget deficit means there's a greater chance of an October 25th rate hike.
  • Later today, the fiannce ministry are set to announce their October FX operations.
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  • PMI stats for September deteriorated somewhat and came in below expectations. The services PMI slowed to 50.5 vs. Exp. 51.5 (Prev. 52.3), leaving the composite PMI at 49.4 (Prev. 52.1).
  • Foreign Minister Lavrov again talked up Russia-China connections, stating that both economies were developing rapidly despite Western sanctions against both countries. Lavrov stated that Russia are making a considerable contribution to China's energy security - flagging that Russia-Chinese mutual trade grew at its fastest pace last year.
  • The government are intending to raise the pay of public sector workers across the social sector - resulting in firmer pay packets for teachers and healthcare workers. Rates of increase of pay will be 13.2% next year, and then 10.2% and 8.3% in the two years thereafter.
  • On the pay rises, the deputy finance minister stated that the government will increase spending this year by RUB 1.5trl without tapping into the National Welfare Fund or by raising borrowing. Kommersant write that the growing budget deficit means there's a greater chance of an October 25th rate hike.
  • Later today, the fiannce ministry are set to announce their October FX operations.