Commodities Daily - October 29, 2019
> Oil prices ease despite more upbeat US-China trade deal rhetoric. Today, investors will eye US consumer confidence (17:00 Moscow time) and pending home sales. API will release its weekly US inventory data overnight - we expect a slight drawdown in US crude oil stocks. On the whole, we expect Brent to continue trading sideways within its current $61-62/bbl range today amid a lack of strong price catalysts.> Gold slides as stock markets rally amid Brexit extension, US-China deal positives. The focus has now shifted to today's US consumer confidence index for October and US pending home sales (both 17:00 Moscow time). We expect the consumer confidence index to rebound modestly as the labor market remains robust and tight (unemployment dropped to 3.5% in September), which could provide a headwind for gold. Tomorrow's conclusion of the FOMC meeting will be key for the yellow metal, with expectations of a third 25 bp rate cut this year surging to 94% yesterday from around 90% a week ago.
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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