The ruble retreated after its first monthly gain since April as declining prices for crude oil offset a surprise improvement in Russian manufacturing data. The Russian currency strengthened 0.2 percent before erasing the advance to trade 0.2 percent weaker at 64.05 as of 6:35 p.m. in Moscow. Brent crude sank as much as 1.9 percent. Government five-year bonds climbed, lowering the yield one basis point to 10.13 percent. Russia’s central bank kept interest rates on hold at its meeting last week as policy makers struggle to balance between pulling the economy out of recession and controlling inflation that hovers near a 13-year high. The expansion of the Russia Manufacturing Business Activity index to 50.2 in October, the highest since November last year, gives grounds for cautious optimism, according to Danske Bank A/S strategist Vladimir Miklashevsky, who recommends buying February 2027 bonds for the long-term. “This is the first good […]