Dagens PMI data for russisk økonomi:
“The Russian manufacturing continued expanding gradually, yet losing growth momentum, the September HSBC Russia Manufacturing PMI survey found. While total new orders showed signs of stronger recovery, export demand plunged in September. Producers must be shifting further to the cost optimization strategy, focusing primarily on business efficiency. Indeed, both stocks and quantity of input purchases was reduced while labour shedding intensified. Quite likely, companies do not believe in the sustainability of demand growth and experience shortage of working capital, as some of them explicitly reported. Besides, they must be trying to preserve profit margins amid rising cost pressures and their inability to pass on the rise in costs to their customers in full. Yet, output prices growth still remained elevated compared to last year.
“The overall situation in manufacturing looks rather stable. Cost efficiency measures create a cushion against global markets headwinds and high funding costs. Import substitution and state orders must be supporting the manufacturing sector, as compared to other sectors of the Russian economy, we think. That said, investment goods industries single out from other industries: they reported the broad-based shrinkage in their business activity as captured by all key PMI survey indicators. This means that the observed growth in manufacturing is based on a weak footing
