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Russia's Services, Composite PMIs Slip But Remain in Expansive Territory

RUSSIA
  • Russia's Services PMI fell slightly to 55.8 points in January from 56.2 points in December, S&P Global data show. The Composite Output Index slid to 55.1 from 55.7 in December, though both indices have now recorded an above-50 reading for 12 consecutive months.
  • Gasoline production in Russia slumped by almost 2% y/y in the first 30 days of January as an equipment failure at Lukoil's Nizhny Novgorod oil refinery affected overall output, Kommersant report. However, gasoline shipments to the domestic market rose by 6.5% y/y as oil companies slashed exports by almost a third.
  • Looking ahead, the following data is on the docket later in the week:
    • 07/02: Retail Sales (Est: +11.9% y/y; Prior: +10.5%)
    • 07/02: Unemployment Rate (Est: 2.9%; Prior: 2.9%)
    • 07/02: Real Wages (Est: +8.0% y/y; Prior: +9.9%)

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