Russia FX/Rates Snapshot - December 6, 2018
The ruble is down 0.2%. The outcome of the OPEC meeting will obviously be key for the local currency. If the cartel announces a production cut of at least 1.3 mln bpd, which should be enough to balance the market next year, both oil and the ruble will find support. If this doesn't happen (a scenario we cannot rule out given the pressure on the Saudis in the wake of Khashoggi's murder), oil may tumble back below $60/bbl, exerting pressure on the ruble. Meanwhile concerns over the US-China trade talks and Brexit continue to mount. Today's ADP employment report from the US could provide hints on what to expect from the big jobs report due tomorrow, which will be especially important given the recent softening in the Fed's rhetoric.
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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