Russian Manufacturing PMI (based on HSBC/Markit data) improved from 47.6 in January (sharp contraction that is marked by a statistically significant sub-50 reading) to 49.7 in February (also contractionary, but at a much weaker rate and statistically not significantly different from 50.0).
The core point is that head of Rosselkhoznadzor expects the return of just 20-30% of EU exporters back to the Russian market once Russian sanctions on food imports are lifted.
In which points did Greek delegation change its position?
Over the next four months, Greece is facing significant debt redemption pressures.
Both the U.S. and the EU have stepped up pressure for new sanctions.
Ifo’s Hans-Werner Sinn on Eurogroup deal for Greece:I failed to spot where the Eurogroup allows for any ‘additional cash’ for Greece. The core point that Greece “has to become cheaper to regain competitiveness. This can only happen if Greece exits…
A quick note on Russian use of sovereign fund cash reserves (also referenced in the Moody’s decision
Moody’s downgraded Russian sovereign debt last night from Baa3 to Ba1 with negative outlook. Moody’s put Russian ratings on a review back on January 16.The bases for the downgrade were (quotes from Moody’s statement):”The continuing crisis in Ukraine a…