Commodities Daily - April 18, 2019
> Oil drops amid fading risk rally, mixed EIA data; further correction likely. Today, investors will eye preliminary April PMIs from around DMs, while US releases include the Philadelphia Fed index, jobless claims and the weekly Baker Hughes rig counts. This morning, US equity futures and European stocks are down following a weak session in Asia. Brent, in our view, is likely to slide back below $71/bbl later in the day as Easter weekend draws nearer (it is trading near $71.5/bbl as we write, with technical support at $70.96/bbl and $70.14/bbl) amid a correction in EUR/USD driven by this morning's weak April eurozone services PMI reading (52.5, versus 53.3 in March and 53.1 expected).> Gold eases further. Investors are focused on Turkey, where the central bank is using short-term loans to support its FX reserves, according to the FT. We think gold is likely to stick at $1,275/oz if eurozone PMI data raises concerns over a possible recession, boosting interest in defensive assets.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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