The PMIs for October were fairly strong across the region and suggest that industry continued to recover last month. However, they probably understated the impact of the latest virus restrictions in CEE and we think that the PMIs will weaken in November. Meanwhile, there are further signs that currency weakness in Russia and Turkey boosted price pressures. This is likely to persuade policymakers to pause the easing cycle in Russia and lead to further monetary tightening in Turkey.
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