Commodities Daily - October 29, 2018
Oil ticks higher on upbeat US GDP data; meanwhile, Iraq preparing to halt supplies to Iran. This morning, Brent is trending lower toward the $77/bbl mark, pressured by downbeat stock market momentum. We expect oil prices to break below that and consolidate within a range of $76-77/bbl.Gold fails to hold above $1,240/oz amid risk-off trading. Today, investors will likely be focused on the US-China dispute over intellectual property at the WTO, which is likely to fuel uncertainty and support gold prices. As for important macro data, the September reading of the US core PCE deflator (the Fed's preferred inflation gauge) is due at 15:30 Moscow time. We expect the dollar to remain near its current levels. However, we think gold prices could surge above $1,235/oz later today on risk-off sentiment and increased safe-haven demand.
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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