Russia’s manufacturing activity in November
According to a report by Markit Economics, Russia’s manufacturing PMI (purchasing managers’ index) improved between October and November, rising from 51.1 to 51.5. The November figure met the market estimate of 51.5.
Russia’s manufacturing PMI was affected by the following:
- production volume and output improved marginally
- new business orders rose at the fastest rate since July
- factory output strengthened
- export orders rose at a slower rate
- job growth in the manufacturing sector remained weaker
Performance of various ETFs in November
The marginal improvement in manufacturing activity was mainly due to improved client demand from overseas (VTI) (ACWI) and from Russia. The Russian economy strongly depends upon oil (USO) and energy product exports. The stabilization of oil prices at $53–$57 has added more value to the economy. In the next part of this series, we’ll look at Russia’s service PMI in November 2017.