Russia FX/Rates Snapshot - September 14, 2018
The ruble ended up gaining 1.1% yesterday, in line with its peers. However, it tumbled sharply around 17:30 Moscow time on a drop in oil prices (Brent fell 2% yesterday) and a remark from US Assistant Secretary of State Manisha Singh that the US plans "severe" sanctions on Russia in November if an agreement cannot be reached on addressing chemical weapons use after the Skripal attack. However, the ruble quickly recovered, as details on potential measures were lacking. This is probably a sign that sanction fears have eased somewhat, and that investors are beginning to respond less to sanction news without specific details. Today, the ruble will likely be supported by a hawkish CBR. The regulator may hike interest rates and prolong the halt to its FX purchases on behalf of the Finance Ministry.
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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