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The Bank of Russia cut its policy rate by 50bps to 14.5% in its April 2026 decision, as expected by markets, and signaled that the cutting cycle is likely close to ending. The move marked the eighth consecutive rate cut since departing from the record-high rate of 21% in June last year. The Board of Directors indicated it sees inflation expectations easing from their assessment in the previous meeting, adding room for looser financial conditions. The Board also noted that tax increases in the first quarter of the year slowed the Russian economy, which the government passed to finance its war in Ukraine and fiscal stimulus to aid consumers in Russia's sanction-hit economy. Pro-inflationary risks continued to prevail over disinflationary risks, resulting in the signal that there might not be room for more cuts. Still, policymaker suggested that expansion in aggregate supply capacity, which was pressured since the war, may expand with lower rates, reducing limiting inflationary concerns.

Bank of Russia Cuts Rate as Expected

India’s BSE Sensex closed about 1.2% lower at 76,705 on Friday, the third day of losses, pressured by higher oil prices amid the Middle East standoff, sustained foreign outflows and weakness IT stocks. Selling pressure was broad-based across sectors, but remained centered on IT stocks. The IT sector plunged over 5%, dragged by Infosys (-7.1%) and HCLTech (-5.8%) after both companies reported subdued growth forecasts despite solid fourth-quarter results. Tata Consultancy Services (-4.8%) recorded its first annual revenue dip in over 20 years. Pharma and FMCG stocks also saw increased pressure. Meanwhile, JP Morgan has downgraded Indian equities to “neutral” from “overweight”, pointing to high valuations and earnings headwinds tied to energy shocks following the Iran war.

Sensex Finishes the Week on Negative Note

The unemployment rate in Macau fell to an all-time low of 1.6% in the three months ending March 2026 from 1.7% in each of the previous two periods. The number of unemployed individuals decreased by 400 month-on-month to 6,000, while total employment fell by 2,700 to 377,000. Job gains among residents were recorded in real estate and business activities, and hotels and related services, while employment declined in gaming, wholesale and retail trade, and transport and storage activities. The labour force participation rate also dropped to 66.7% from 67.2% in the previous period. The male participation rate for local residents fell to 64.4% from 65.3%, while the female rate eased to 59.3% from 59.7%.

Macau Jobless Rate Hits Record Low

The SENSEX Index decreased 984 points or 1.27 percent on Friday to close at 76680 points. The decline was led by Infosys (-6.87%), HCL Tech (-5.86%) and Tata Consultancy (-4.79%).

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