Russia FX/Rates Snapshot - November 7, 2019
This morning the rally in riskier assets resumed on renewed trade optimism after China announced that it had agreed with the US to roll back tariffs as part of the phase one agreement. Though this would seem to confirm the recent reports that the US was prepared to undo September's 15% tariff hike on about $110 bln in annual imports from China, no details were provided, including on when and where an agreement might be signed. Against this backdrop, the ruble has gained 0.3%. Whether it extends these gains will likely depend on whether the US confirms the statement from China. If the US provides details on how it plans to lift tariffs, demand for riskier assets should pick up, especially if it reports that previously imposed tariffs will be lifted as part of the phase one agreement. USD/RUB could even test its recent low of 63.2.
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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