Commodities Daily - October 30, 2018
> Oil prices slide amid topsy-turvy day for stocks. In our view, oil prices will continue to be driven by the performance of global equity markets for most of the day today. Later on, the focus will turn to data, including preliminary estimates of OPEC production from Bloomberg and Reuters, assessments of the scale of the decline in Iranian exports and a weekly US inventory update. We think that Brent is likely to stabilize within a $77-78/bbl range today.> Gold prices slide on dollar strength, while stock markets mixed; 3Q eurozone GDP eyed today. Today, investors will be eyeing 3Q eurozone GDP (13:00 Moscow time). The release is likely to provide some upside for the euro against the dollar, so, given that risk appetite is still limited, we think gold should find support to trade above $1,225/oz for most of the day today.
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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