Sector Positioning - Chasing the Ruble Swings
The CBR's recent decision to put FX interventions on hold through year-end will likely lead to near-term ruble appreciation, unless the oil price falls significantly further. However, once the purchases resume next year, these gains may reverse. In this note, we argue that this transient ruble strength may lead to near-term underperformance of exporters. In the longer term, however, we stick to our recommendation to overweight exporters.
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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