Russia FX/Rates Snapshot - January 21, 2019
The ruble is a bit weaker this morning, as are its peers. Trading activity will again be light today, as the US market is closed for a national holiday. However, there is a good chance the local currency will appreciate this week, since exporters will likely increase their FX selling due to dividend payments (Gazprom Neft is to pay R105 bln today, while NLMK and Tatneft will pay R36 bln and R52 bln on Wednesday) and taxes (R460 bln in MET payments are due on Friday, on our estimates). A positive decision on Rusal could provide further support, though this is not a certainty. The markets are waiting for the next announcement from OFAC regarding its plans to cancel impending sanctions on Rusal and En+ Group. While Congress's 30-day review period for OFAC's December 19 decision is now over, last week the US House of Representatives passed a resolution disapproving of the plan, and House Majority Leader Steny Hoyer sent Treasury Secretary Steven Mnuchin a request that he delay OFAC's plan.
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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