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Services PMI Falls to 54.3 in May; Finance Ministry to Report on Planned FX Operations

RUSSIA
  • Russia’s Services PMI fell to 54.3 in May from 55.9 in April, data released this morning revealed, though remains above the expansionary 50 level for the fourth consecutive month. The Composite PMI index also fell - from 55.1 in April to 54.5 in May. New Orders fell to 53 versus 54.3 prior.
  • Russia said it had repelled a large-scale Ukrainian attack on the war’s front line and had destroyed several armoured vehicles in the overnight battle, Bloomberg report. The attack took place in the Donetsk region on Sunday, the Defense Ministry said in a statement. It comes as Ukraine prepares a counteroffensive to regain occupied territories. There was no immediate comment from Kyiv.
  • The Finance Ministry will report on the planned volume of its FX operations in June at 1000BST/1200 local time.
  • There are no other data releases left on the docket today, with the CBR key rate decision and CPI data taking focus on Friday.
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