Commodities Daily - August 15, 2019
> Oil drops on recession fears amid mixed EIA data; US retail sales eyed. Today, investors will get a whole pile of US data, including industrial production, retail sales, jobless claims, Philadelphia and New York Fed surveys, and TIC flows. This data will likely prove key to global sentiment today. We believe the July retail sales numbers will be the main focus given the read-through for consumer spending (almost 70% of the US economy). We think that global markets will take a breather today after yesterday's abrupt selloff. We see likely strong US data pushing Bent above $60/bbl later in the day.> Gold trading above $1,510/oz this morning. German data yesterday fueled investor fears of a technical recession, which the 3Q19 data could show Germany having entered. The UK and US 2y10y yield curves were both inverted, which supported gold in the afternoon. Today, a slew of US data is due for release, and we expect gold to remain above $1,500/oz amid elevated demand for safe-haven 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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