Commodities Daily - February 5, 2019
> Oil ticks lower on stronger dollar, downbeat US factory new orders; eurozone data eyed. Today, market players will eye final releases of European PMIs in January and retail sales data, and the US ISM non-manufacturing and Markit services PMI for January. Overnight, API oil inventory data is due and Donald Trump will give the State of the Union address. We think that the array of eurozone data is likely to be downbeat, which will provide further support to the dollar. This, in turn, will likely cap Brent below $63/bbl today.> Gold slides as investors turn to dollar; further downside likely. We see gold sliding toward the $1,305/oz mark today. The market awaits the final release of European PMIs for January and eurozone retail sales data as well as the US ISM non-manufacturing and Markit services PMI for January. We think the array of eurozone data is likely to be downbeat (the preliminary PMI figures showed that growth continues to slow across Europe's major economies), providing further support to the dollar, pressuring EUR/USD toward 1.140, which would be negative for gold.
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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