Russia FX/Rates Snapshot - November 28, 2019
This morning, risk sentiment has deteriorated, after Donald Trump signed a bill backing the Hong Kong protesters and China threatened retaliation. Against this backdrop, the ruble is down 0.3%, underperforming peers, which are trading more calmly given the US pubic holiday today. However, ratification of the bill had been expected since last week and did not stop China from issuing positive comments on the trade dispute. It seems that it could be separating the Hong Kong issue from the trade negotiations. For example, this morning, Chinese Commerce Ministry spokesman Gao Feng declined to comment on the Hong Kong law. If there is no significant retaliation today or tomorrow morning, markets could take this positively. As for LatAm currencies, especially the Brazilian real, the depreciation appears to have been overdone. So risk sentiment could improve by today's close.
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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