Economic Calendar
Russia Manufacturing Shrinks the Least in 3 Months

Russia’s S&P Global Manufacturing PMI increased to 48.8 in May from 48.1 in April, which marked the steepest contraction in four months, while extending the downturn in factory activity to a twelfth straight month. The latest reading also signaled the smallest contraction in three months, as output returned to growth. The expansion was only slight, however, and largely reflected the clearing of backlogs of work. Meanwhile, new orders fell the most since July 2025, with new export orders falling at the fastest pace since September 2025. Employment declined solidly, marking the second-fastest rate of job shedding since June 2025.





