Commodities Daily - October 23, 2018
Oil slides in choppy trading as Saudi Arabia pledges to pursue market stability. This morning, the Brent price has fallen below the $79/bbl mark, pressured by the weak trading session in Asia and the stronger dollar. Overall, we think Brent is likely to consolidate below $79/bbl later today and hold in the $78.5-79.0/bbl range. A major risk to this view is the unveiling today by Turkish President Erdogan of what could be sensitive details from the investigation into the murder of journalist Jamal Khashoggi.Gold rallies on risk-off trading amid sliding stock market and elevated geopolitical uncertainty. Our FX team thinks the dollar will find support against the euro on the Italian budget uncertainty amid the risk-off trading, which would cap gold price gains if the rally leads prices closer toward the $1,240/oz mark. We expect gold to consolidate and trade within a $1,230-1,235/oz range throughout the day.
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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