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Norvik Research 06.07.2017

07/07/2017 10:00

Global developments

European stocks are down while the dollar is weaker amid disappointing labour data. ADP employment change came out at 158k against consensus forecast of 188k. The dollar is 0.4% weaker. Futures on S&P 500 are 0.6% lower after the index added 0.2% yesterday. Euro Stoxx 600 is down 1.0% today. German 10Y Bunds yields rose by 8 bps to 0.55% (the highest level since January 2016). US 10Y yields are higher 6 bps at 2.38%. Gold is down 0.3%.

Oil prices rebounded due to favourable inventories data. American Petroleum Institute reported a drop of 5.8 mn bbl in crude oil inventories in the US. Brent prices rose 2.7% today to $49.1/bbl after falling 3.7% yesterday.

Russia and CIS area developments and market colour

The G-20 summit in Hamburg starts on Friday. Vladimir Putin is expected to hold his first meeting with US President Donald Trump.

Weekly inflation picked up to 0.4% from 0.1% in the previous week. The increase was due to annual rise in housing tariffs. Headline inflation rose to 4.3% YoY.

The rouble is 0.2% stronger against the dollar at 59.9. OFZ yields are 2-5 bps wider. Russia’s and Kazakhstan’s longer term sovereign yields are 5-7 bps and 6-8 bps higher respectively.

Corporate news

Gazprom will hold the road show of Eurobonds in Swiss francs from July 10. Investor meetings will take place in Geneva and Zurich. Gazprom hired Deutsche Bank, JPMorgan, VTB Capital, Gazprombank for the bond sale.

Vnesheconombank (VEB) reported a profit of 62.8 billion roubles in 1H 2017 compared to the loss of 17.1 billion roubles last year. The bank stated that the main source of net income came from the recovery of reserves, not operating activities. Revenue from the recovery of reserves reached 59.1 billion roubles.

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