Commodities Daily - October 22, 2018
Oil stable as US stays tough on Iran, constructive toward Saudi Arabia. Brent has surged above $80/bbl this morning, boosted by rallying stock markets (as the Chinese government pledged large tax cuts next year to boost growth) and a weaker dollar. Overall, we think Brent is likely to gradually rise toward the $81/bbl mark during the day today.Gold stable amid dollar weakness as investors continue to watch stock market momentum. Our FX team expects the dollar to trade flat today following recent losses, so we see more downside for gold as equities are rallying. We think gold could slide toward the $1,220/oz mark if equities retain positive momentum beyond the opening in New York.
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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