Commodities Daily - October 4, 2019
> Oil dips and bounces back on weak US data and subsequent Fed rate cut expectations; US nonfarm payrolls eyed. We think that the risks today are certainly skewed toward the downside and following the nonfarm payroll release, Brent could retest yesterday's lows, although it could pare back these losses later on if Jerome Powell reacts to the latest downbeat macro releases with a dovish statement.> Gold continues to climb, reaching $1,510/oz this morning. Yesterday's US ISM non-manufacturing index caused the market to reassess the chances of a Fed rate cut on October 30. It is now pricing in an 85% probability of a 25 bps cut, which is supporting gold. Today, the focus will be on the monthly US labor market report (15:30 Moscow time) and a speech by Jerome Powell (21:00) at the opening of the Fed Listens event.
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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