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Headline PMI fell to multi-month lows

Though headline PMI indices moved down in tandem in April, gradually approaching a standstill, the first official data points to a rather positive picture. A rebound in the annual growth in gas, electricity and construction-materials output looks supportive for the IP reading. April’s economic activity seems to have remained at near March’s reasonably good levels and did not demonstrate any sharp moves. Note that the extended May holidays will likely hit economic statistics this month, indicating that it is too early to infer a real sustainable recovery. Hence, we are convinced structural reforms and policy-mix easing are critical to boost growth in the current environment.
Maxim Oreshkin, Daria Isakova
VTB Capital analyst


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