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Russian economy still going through the shock of rapid rise of Ruble last year along with sharp drop in oil prices, its main source of revenue. Interest rate, though has eased in recent times, still remains challenging at 14% for businesses. Moreover Russia's confrontation with West and its sanctions remain drag for Russian economy.
Today HSBC PMI report was released from Russia that shows -
- New orders have continued its fall in April, though some manufactures are reported to be gaining from import substitution. Overall PMI was in contraction zone for fifth consecutive month. PMI for April came at 48.9, higher from 48.1 in March.
- New export orders are fell further, continuing contraction for 20th consecutive month.
- Jobs continue to drop for 22nd month in a row.
However all is not dull.
- Underlying trend suggests that contraction is somewhat stabilizing. Underlying price pressure continue to dissipate.
How to benefit from Russian stocks?
- Major downturn is being faced by companies producing capital goods, whereas consumer goods producers are reporting solid gains due to import substitution.
It is expected Russian consumer goods stock would be performing relatively, as lower Ruble tends to benefit them and they remain broadly immune to sanctions.
