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COUNTRY INSIGHTS

Chinese defense minister in Moscow
RUSSIA / FSU POLITICS · In Brief · 17 Apr 2023

On April 16 he visited Putin and the Russian Defense Minister. The Kremlin was very keen that the media report this because the Kremlin wants to emphasize that China is friendly to Russia. Minister Li said that ties between the two countries are closer than ever. Russia was elated that this is hi...

Initial signs of inflation moderation
ISRAEL · In Brief · 16 Apr 2023

Inflation in March points to some initial inflation moderation Inflation in March was up 0.4% (below market expectations of 0.5%). Core inflation remained stable at 5.1% y/y, similar to the pace in January and February. Several categories moderated, such as housing rentals (from 6.8% y/y to 6.7%)...

One conflict solved, one created
HUNGARY · In Brief · 16 Apr 2023

As we pointed out in our latest report last week, Hungary has a number of bad conflicts with the western world in these days. Over the last few days, one of these was largely sorted out, but another one was just newly created. For the first one, Hungary has just decided to leave the International...

Everything, everywhere, all up in the air
TURKEY · Report · 16 Apr 2023 · 2 responses

The politics author’s strong conviction about a Kilicdaroglu victory in the presidential ballot is confirmed by more data, but the parliamentary race is up in the air -- and could go either way at this juncture, in terms of the number of seats the alliances might score. Worse, the uncertainty abo...

Russia claims to be gaining in Bakhmut
RUSSIA / FSU POLITICS · In Brief · 16 Apr 2023

On April 15 said that it has moved forward on the edges of the city. The Battle of Bakhmut has been going on since August 2022. The Russian Defense Ministry said that Wagner Group units are among those moving forward. It said that the Ukrainians were destroying buildings on purpose before pulling...

Russia: a brief market watch
RUSSIA ECONOMICS · In Brief · 14 Apr 2023

The ruble continued to depreciate in recent weeks as investors weighed the effects of the current turbulence in the US and European banking sector and the likelihood of an economic recession. If this assumption is correct, global energy prices may be under pressure. It may add problems to the Rus...

GULF WEEKLY: Oil supply looks tight in H2, regional reconciliation advances, Fitch positive on Oman, Sinopec invests in Qatar LNG
GULF COUNTRIES · Report · 14 Apr 2023

A skimmable summary overlaid with our analysis and links. Headlines: * Oil rose further as OPEC and IEA monthly reports forecast a 2m b/d supply gap in H2. * Bahrain and Qatar will re-establish diplomatic relations, a boost to Bahrain’s economy. * The IMF revised down GCC fiscal forecasts on...

The government discusses the sanitation legal framework, the new fiscal framework should be submitted to Congress next week, and Congress is expected to analyze presidential vetoes next week
BRAZIL POLITICS · Report · 14 Apr 2023

Lira stated that Congress has been discussing changes with the government about the decree that modified the sanitation legal framework in order to avoid more drastic measures, such as voting on a bill to suspend the effects of the norm. Lira said he expects to put the new fiscal framework to a v...

Inflation surprises slightly on the downside
ISRAEL · In Brief · 14 Apr 2023

Signs of inflation moderation Inflation in March surprised slightly on the downside, up 0.4% m/m (consensus was 0.5%, as was mine) and moderated to 5.0% y/y from 5.2% in February. Core inflation (CPI excluding energy and fresh produce) remained stable at 5.1% y/y. Housing rental prices (OER) mode...

The economy is cooling, with mixed consequences
HUNGARY · Forecast · 13 Apr 2023

In the following new quarterly update of our macro forecast, the key novelty is a more positive view on the forint exchange rate. We still believe that the current EURHUF rate is unsustainable from a competitiveness point of view and requires correction well within this year. But we see more supp...

Lula will have dinner with the General Secretary of the CCP in Shanghai tonight, the government is trying to deal with the criticism from issuing the decree on the sanitation framework, and the STF voted on the ICMS case
BRAZIL POLITICS · Report · 13 Apr 2023

President Lula has meetings in China today. He will participate in the inauguration ceremony of Dilma Rousseff as president of the New Development Bank (NDB)—the BRICS bank. Then, he will have dinner with the General Secretary of the Communist Party in Shanghai. After dinner, Lula will leave for ...

US increases sanctions on Russia
RUSSIA / FSU POLITICS · In Brief · 13 Apr 2023

On April 12 the US sanctioned 29 Russian companies and 25 individuals whom it says are connected to the Ukraine War. One of those sanctioned is the deputy prime minister. Megafon, Metalloinvest and Rusatom Overseas are among the companies sanctioned. Alisher Usmanov is the main target of the sanc...

President of Azerbaijan in Kazakhstan
RUSSIA / FSU POLITICS · In Brief · 12 Apr 2023

On April 10 the state visit took place. The two countries have agreed to make the most of the Trans Caspian International Transport Route. It is also known as the Middle Corridor. This agreement means improving port technology and simplifying tariffs. The two nations are on opposite shores of the...

Russian macro: in search of a new normal
RUSSIA ECONOMICS · Report · 12 Apr 2023

After a yearly break, the Central Bank of Russia published monthly foreign trade statistics, albeit not as detailed as previously. After February 2022, the CBR stopped publishing monthly data on exports and imports, though recently it provided the aggregate foreign trade data without any breakdow...

Alleged leak of US documents on the Ukraine War
RUSSIA / FSU POLITICS · In Brief · 12 Apr 2023

On April 9 scores of what are supposedly classified US document about the war were published on the internet without authorization. These included charts, maps and photos. Some of these were top secret. The documents details the weaknesses of both sides. Some documents date back to early March 20...

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