Manufacturing PMIs for September were a mixed bag, but continued to paint a weak picture of industrial activity in Turkey, Czechia and Poland in Q3. In contrast, the downturn in Russian industry appears to have bottomed out. Elsewhere, a large increase in electricity and gas prices pushed inflation in Turkey up to 83.5% y/y in September. We think inflation will rise a bit further but with President Erdogan calling for further easing the central bank is likely to deliver another interest rate cut this month.
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