HSBC and Markit released Russian Manufacturing PMI for November today. The data surprised to the upside, posting PMI at 51.7 - a relatively strong rise on 50.3 in October and the highest index reading since October 2013 (51.8).
3mo MA for the series is at 50.8 against 3mo average through August at 50.4 and 50.2 3mo average for the period through November 2013.
The series have been above 50.0 marker now for 5 consecutive months and current reading is statistically above 50.0.
Full release here: http://www.markiteconomics.com/Survey/PressRelease.mvc/a2c07d1d99984e63bff821447287ae97
Overall, nice surprise to the upside. Confirming the nascent positive trend as shown in chart above. However, to make any strongly positive calls, we need to see:
1) improved performance in the services sector - current a major downward drag on the composite PMI, and
2) continuity in manufacturing series to the upside through December.
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