Russia’s dollar-denominated RTS index gained almost 6.5pc on the week to close at 1,052 points on 15 April, buoyed by rising oil prices and a strengthening rouble. Russia’s industrial output was up by 0.4pc in March, with Sberbank noting that growth bottomed out in January- February, when seasonal factors - not least the lengthy national holidays - have a negative impact on productivity. “Stabilisation on the foreign exchange market, slowing inflation and the expected cut in the central bank’s key rate encouraged economic activity,” the bank notes. Although year-on-year out- put was down by 0.6pc in March and by 0.4pc in the first quarter, Sberbank sees grounds for cautious optimism in the month-on-month rise.
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