Summary of the Key Rate Discussion

In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments.

Retail Sales MoM

0.1%

In Japan, the Retail sales report provides an aggregated measure of sales of retail goods and services over a specific time period. In Japan, Retail sales are seasonal, volatile and relatively important to the overall economy.

Retail Sales YoY

1.6%

In Japan, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

CoreLogic Dwelling Prices MoM

In Australia, the CoreLogic Home Value Index aims to measure month to month movements in the value of Australian housing markets. Rather than relying solely on transacted sale prices to provide a measure of housing market conditions, the CoreLogic Home Value Index is based on a ‘hedonic’ methodology which includes the attributes of properties that are transacting as part of the analysis. The Home Values Index provides monthly capital growth measurements across three broad housing types: detached houses, units and a combined dwellings index that includes both houses and units. The Index results are released on the last working day of each month and are available on a subscription basis.

Baker Hughes Oil Rig Count

US Crude Oil Rigs refer to the number of active US rigs drilling for oil in a given week.

Baker Hughes Total Rigs Count

US Total Rigs refer to the number of active US rigs drilling in a given week.

Net Payrolls

132710

In Brazil, net payrolls refer to the change in total formal employment, that is, the difference between admitted and dismissed.

Retail Sales YoY

4.8%

In Russia, the year-over-year change in Retail sales compares the aggregated sales of retail goods and services during a certain month to the same month a year ago.

Unemployment Rate

2.3%

In Russia, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.

Real Wage Growth YoY

8.4%

In Russia, Real Wage Growth measures the year-on-year change in average monthly wages adjusted for inflation.

Business Confidence

In Russia, the business confidence index measures morale among manufacturers. The index is calculated as the arithmetic average balances of assessments of actually existing levels of demand, stocks of finished products (with opposite sign) as well as change in output expected in the next 3 months. The index shows the difference between the percentage share of executives that are optimistic and the percentage of that is pessimistic. The index takes a value between -100 (all responding entities asses their situation as poor and expect it to become worse) up to 100 (all participants are satisfied with the current situation and expect it to improve); 0 indicates neutrality.

GDP YoY

3.2%

In Russia, Monthly GDP YoY measures the change in the value of the goods and services produced by the country's economy compared to the corresponding month in the previous year.