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The distribution of first quarter growth is worrying, but not surprising
CHINA FINANCIAL · Report · 18 Apr 2022 · 1 response

Special points to highlight in this issue: * The National Bureau of Statistics reported this morning that China’s first quarter GDP was 4.8 percent higher than it was last year and 1.3 percent higher than the last quarter of 2021 (5.3 percent annualized). * While this was well above very ...

March’s CPI surprises on the downside
ISRAEL · Report · 18 Apr 2022

1. March’s CPI surprised on the downside, mostly due to the surprisingly soft increase in travel abroad costs. 2. We expect this item to support a stronger CPI print in April (0.8% m/m) and beyond. 3. We currently expect inflation to reach 2.8% in the next 12 months. 4. March’s CP...

Russian missile strikes on Ukraine
RUSSIA / FSU POLITICS · In Brief · 18 Apr 2022

On April 18 missiles hit several Ukrainian cities, especially Lviv. This type of attack allows Russia to inflict losses without taking any risk itself. Ukraine does not have missiles with the range to enable them to retaliate.Fighting continues in Mariupol. Russia claims to have taken virtually t...

US says Belarus breaking export control ban
RUSSIA / FSU POLITICS · In Brief · 18 Apr 2022

On April 13 the Commerce Department said 7 planes (all Boeing 737) used by Belavia had been flown despite this being banned by the US. The US has banned companies anywhere in the world from refuelling the planes, repairing them, selling them spare parts or servicing them in any way.The planes hav...

Kazakh ban on wheat exports means hunger for her neighbors
RUSSIA / FSU POLITICS · In Brief · 17 Apr 2022

On April 16 the announcement was made. Other Central Asian countries buy 90% of their wheat from Kazakhstan. Kazakhstan buys wheat from Russia and re-exports some of it. Russia is the world's main exporter. Moscow has banned wheat exports to fellow members of the Eurasian Economic Union (EEU). Th...

Same old, same old
TURKEY · Report · 17 Apr 2022

Thanks to her “politically correct” stance on the war, Turkey had just started working on her terrible image, but new allegations of narco-trafficking, inmate maltreatment and human rights violations have now cropped up. While the veracity and impact of these on diplomatic relations require furth...

Russia calls on Mariupol to surrender
RUSSIA / FSU POLITICS · In Brief · 17 Apr 2022

On April 17 Moscow said that if the city surrenders today the lives of its defenders shall be spared. But prisoners of wars' lives are guaranteed anyway under the Geneva Convention. Russia claims to control almost the whole of Mariupol. It has astonished most pundits that Mariupol has held out so...

March’s CPI surprises on the downside
ISRAEL · In Brief · 16 Apr 2022

March’s CPI surprises on the downside Inflation in March increased by 0.6% m/m (expectations were for 0.8%, ours as well) and by 3.5% y/y (similar to last month). Core inflation (excluding energy and fresh produce) increased by 3% y/y (similar to last month), with core inflation excluding governm...

Some Chinese edge away from Russia in complex operating conditions
RUSSIA / FSU POLITICS · In Brief · 16 Apr 2022

Lifan, the Chinese motor manufacturer, has suspended sales in Russia. Lifan was the largest Chinese car brand sold in Russia in 2014-18. It seems that Lifan does not wish to operate in Russia and is not registering more vehicles there. Lifan's hotline is not working and it is not updating its soc...

Webinar Replay - Crisis in Peru: President Castillo against the wall
PERU · Report · 15 Apr 2022

Gain insights into Peru's political crisis and gauge how the turmoil will impact the country’s political and macro outlook. Visit our calendar page to watch the replay of our webinar featuring Alfredo Thorne discussing the protests against President Castillo and the likely fallout from the crisis.

Huawei furloughs staff in Russia
RUSSIA / FSU POLITICS · In Brief · 14 Apr 2022

On April 13 the Chinese telecoms giant announced the move. This is probably partly because China faces secondary sanctions for trading with Russia. The USA has warned China not to assist Russia economically.A leave of absence has been imposed on Huawei staff in Russia. New supply contracts have b...

GULF WEEKLY: Fitch positive on Saudi, Dubai posts strong indicators, Abu Dhabi gives mixed signals on Egypt investment
GULF COUNTRIES · Report · 14 Apr 2022

​A skimmable summary overlaid with our analysis and links. Headlines: * Oil is up as a potential EU ban on Russia and further JCPOA delay outweighs cuts in demand forecasts. * The Yemen ceasefire is largely holding and the new presidential council pledged to work towards peace. * Fitch lifted ...

Russia’s Epochal Turn: A New “Shock Therapy”
RUSSIA ECONOMICS · Report · 14 Apr 2022

As Russia’s special military operation in Ukraine is nowhere near its end the “special economic and financial operation” against Russia launched by the West also intensifies. It looks like a consensus is now forming that the Russian economy is set to contract by over 10% in 2022. Things may chang...

War intensifies as Ukraine claims to have destroyed warship and Moscow threatens to strike Kyiv
RUSSIA / FSU POLITICS · In Brief · 14 Apr 2022

On April 14 Moscow said its Black Sea flagship had been badly damaged by an accidental explosion. Kyiv claims its Neptune missile struck the warship Moskva. Ukraine has been pleading with NATO to supply it with such missiles for weeks. Russia was able to land troops on the Ukrainian coast because...

MNB sterilisation rate unchanged today, the third time in row
HUNGARY · In Brief · 14 Apr 2022

Today's MNB deposit tender has been the third consecutive occasion that the Bank left the fix interest rate, at which it mops up all the free and willing HUF liquidity of banks for the following week, unchanged at 6.15%. As the forint has been conveniently trading within the EURHUF 375-380 range ...