Commodities Daily - July 26, 2019
> Oil holds steady as ECB leaves key decisions for September; US 2Q19 GDP eyed. Today, the market will eye preliminary estimates for 2Q19 US GDP, which in our view should support the case for only modest Fed easing. We expect Brent to keep trading within its recent $63-64/bbl range today, drawing support from what will likely be a bullish US rig count.> Gold ticks lower following ECB meeting; further headwinds looming from US 2Q19 GDP. Today, gold investors await the preliminary estimate for 2Q19 US GDP (15:30 Moscow time). The data could beat expectations given that US data has generally turned out better than expected over the past month. This would boost the dollar globally. With the Fed largely prepared to cut by 25 bps on July 31, the GDP figure is highly unlikely to sway officials into a different outcome. Given the above, we expect gold to dip below $1,410/oz today.
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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