Commodities Daily - November 13, 2018
> Oil slides on selloff in stocks, strong dollar and as Trump calls for no OPEC cuts. Today, we expect Brent to be capped below $70/bbl, as what are expected to be bearish market reports will work in tandem with likely further US dollar gains, given that today is the EU's deadline for Italy to revise its budget.> Gold prices slide to $1,200/oz and then rebound; Italy-EU budget disagreement eyed. Market players will be eyeing another attempt by Italy to find common ground with the EU over its budget, an amended version of which has to be submitted today. This would suggest further downside for the euro, which would mean a dip in gold toward $1,190/oz today. However, based on technical analysis, our FX team expects a rebound in EUR/USD to 1.130 today, which would suggest gold momentum toward $1,210/oz. That said, we are inclined to believe that gold will trade sideways around the $1,200/oz mark.
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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