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Macro Analysis / Russia

Russia 9M 20 macro stats: Sliding deeper instead of rebounding

  • The weakness in retail and production patterns, which disappointed in August, intensified in September
  • Retail trade shrunk 3.0% y/y; manufacturing output started to contract again in September
  • Monetary or fiscal support unlikely to come in 4Q20
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The contents of this document have been prepared by Joint Stock Company “Alfa-Bank” ("Alfa Bank") as Investment Research within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/5...

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