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Russia Leading Indicators - brief acceleration in September

PMI indices were upbeat on the back of a rebound in the markets and the improved global mood, boosted by the monetary authorities’ interventions. Furthermore, the first hard data (railway cargo turnover) was a positive surprise. Were this upbeat mood to be supported by an increase in final demand, it would translate into stronger growth in 4Q12. And although this is not our base case scenario, economic activity might improve in September-October.
Maxim Oreshkin, Daria Isakova
VTB Capital analyst

Russia, PMI

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