Commodities Daily - October 26, 2018
> Oil up slightly as equities push higher, capped by Saudi talk of oversupply. Today, we think the general misunderstanding of Saudi Arabia's market strategy will be the major talking point on global markets. The release of 3Q18 US GDP today will be key for oil, stock and FX markets. We think upbeat data would be positive for the dollar and equities, with the net effect on oil prices also positive. We expect to see Brent back near $77/bbl later today as equities and not the dollar are now driving crude prices.> Gold mirrors stock market moves amid stronger dollar; US 3Q18 GDP eyed. US 3Q18 GDP is due for release today. The reading is likely to be strong, which would likely boost US equities and the dollar. This, in turn, would weigh on gold prices, which we think could dip below $1,230/oz later today. On the other hand, a disappointing US 3Q18 GDP figure could send gold above $1,240/oz, although we see this as unlikely.
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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