Commodities Daily - November 29, 2018
> Oil dips amid bearish EIA report, OPEC+ comments, despite stock market gains and weaker dollar. This morning, Brent is trending lower, targeting the $58.5/bbl mark, with investors now turning their attention to Saturday's Trump-Xi meeting (at which the chances for a sustainable resolution seem bleak). Given all the recent bearish developments, even with the tailwinds from higher stock markets and a weaker dollar, we do not think that Brent will recover to $60/bbl today. > Gold surges as Fed chair surprises markets with dovish stance; Fed minutes in focus. Today the market awaits the minutes from the November Fed meeting (22:00 Moscow time), which will shape dollar momentum and affect gold prices ahead of the Trump-Xi meeting this weekend. We think the minutes are likely to show a wider discussion of a slower rate hike cycle. This could create dovish sentiment, pressuring the greenback and supporting gold. We therefore expect gold to approach the $1,230/oz mark later.
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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