Russia FX/Rates Snapshot - September 16, 2019
The key thing for markets now is how fast Saudi Arabia will be able to fully restore its oil production. Saudi Aramco has promised to publish a press release today on how things are going. If it turns out that quick repairs are not possible or if another attack occurs (this morning, the Houthi rebels said that Saudi oil facilities remain a target), oil prices are likely to rise further. This morning, the ruble is already up 0.7% versus the dollar. The announcement of a prolonged disruption could cause the ruble to extend its gains, not only due to higher oil prices, but also due to likely higher output from Russian companies (the OPEC+ deal limits could be eased) and the prospects for increased spending from the National Wealth Fund next year. Thus, there is a chance for the ruble to appreciate rather significantly.
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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