Manufacturing sector underperforms despite favourable calendar effect and recovery in consumer-driven sectors Russian industrial production dropped 9.4% year-on-year in June, showing little improvement vs. the 9.6% YoY drop in May. The June result is worse than the -7.2% consensus and is even further away from our more optimistic expectations of -6.0%. The negative result comes despite the favourable calendar effect. Even accounting for the extra day-off related to the constitutional vote (Wednesday, 1 July), the number of working days in June 2020 was still exceeded by that of June 2019 by 1 day, while the calendar ... (full story)