Russia FX/Rates Snapshot - May 16, 2019
It seems that for now the ruble rally, which was mainly caused by Gazprom announcing higher dividends and high demand at OFZ auctions, is exhausted. Meanwhile, an overnight move by the US to curb the access of Chinese telecom companies (Huawei and ZTE) to the American market has boosted trade war concerns. Against this backdrop, we think that due to continuing weak economic data globally and simmering US-China tensions, a selloff in riskier assets may be on the horizon, although of course the exact timing is uncertain. For example, some pressure could come today if US housing starts for April disappoint.
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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