Russia FX/Rates Snapshot - May 28, 2020
This morning, the ruble has been stable around the 71 mark. This is despite the US House of Representatives passing a bill that would punish Chinese officials over Uighur human rights violations and US Secretary of State Mike Pompeo reporting to Congress that Hong Kong was no longer autonomous from China, which has implications for the region's special trade relationship with the US. Oil prices, meanwhile, have continued to slide, down a couple of percent today after an unexpected oil stock build reported by the API yesterday. If the EIA data shows a build today, oil could remain under pressure, as it might be taken as a sign that the market rebalancing is not proceeding as investors had hoped. This would weigh on the ruble, pressuring it to 71.4, we think.
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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