Russia FX/Rates Snapshot - September 4, 2019
The ruble has gained 0.5% this morning. We think this reaction to the developments in Hong Kong is probably excessive, as the prospects for the global economy remain gloomy. Moreover, volatility remains elevated on the global and Russian FX markets, signaling a widespread risk-off environment. Nevertheless, sentiment could receive a further boost tonight as we expect Fed speakers to deliver fairly dovish comments and perhaps flag a 50 bps cut in September in light of yesterday's weak manufacturing data and likely poor jobs data scheduled for release tomorrow and on Friday. The latest comments from James Bullard support this view, though some Fed governors such as Eric Rosengren are completely against cuts; however, the hawks in the FOMC are currently are in the minority.
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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