Russia FX/Rates Snapshot - October 23, 2018
In Europe, investors will eye the EC's next steps with regard to the Italian budget. Yesterday, the Italian authorities confirmed they would stick to their initial plans to raise the budget deficit next year, following criticism last week from the commission that this plan would represent a breach of EU fiscal rules. For now, it seems that both sides are unwilling to back down. Any escalation could lead to further weakness in the euro. The ruble has been virtually flat this morning despite the risk-off, supported by increased FX offers from exporters. We think USD/RUB could retest 65 today, but we doubt it will go lower given the deterioration in global risk sentiment and significant expected FX buying from DR issuers related to Rosneft's and Norilsk Nickel's dividend payments last week.
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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