Commodities Daily - September 26, 2019
> Oil stabilizes on Trump's upbeat trade deal rhetoric amid slightly bearish EIA report. The slightly bearish EIA data did not inspire investors to further build short positions, given the strong $3.2/bbl correction in Brent since early Tuesday and given that the benchmark hit technical support levels prior the report. This morning, the recovery in risk sentiment is supporting Brent within the $62-63/bbl range. Today's agenda is expected to be mostly political. We expect Brent to trade within this corridor for the rest of the day today.> Gold plunges 1.9% in second half of yesterday's trading amid strong dollar. Gold plunged from $1,530/oz to as low as $1,501/oz late yesterday, following the release of the transcript of US President Donald Trump's phone call with his Ukrainian counterpart Volodymyr Zelensky, which reduced the perceived likelihood of impeachment. This morning, gold has moved into the $1,505-1,510/oz range. Prominent on today's agenda are speeches by ECB President Mario Draghi and four regional Fed presidents. US GDP and jobless claims are also due.
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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