Commodities Daily - July 25, 2019
> Oil slides amid downbeat PMI data despite bullish EIA report. The ECB rate decision and President Mario Draghi's subsequent press briefing are the key global macro events today. If the ECB does cut the rate, it would support risk sentiment. Scheduled US data releases include jobless claims, durable goods orders, wholesale inventories and the trade balance. We think that Brent is likely to secure above $64/bbl later in the day today.> Gold holds steady ahead of key ECB meeting. The ECB will announce its rate decision at 14:45 Moscow time, followed by Draghi's news conference at 15:30. A rate cut would weigh on EUR/USD and support risk sentiment. We think this would take gold toward $1,440/oz later today as lower rates increase the appeal of non-yielding bullion.
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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