Komentarze rynkowe
| Source | Research | |
|---|---|---|
| 12 grudzień 2018 | ||
| ROSBANK | Café et Croissant. Russian Daily | |
| OCBC | Asian Credit Daily | |
| OCBC | Daily Treasury Outlook | |
| Hong Leong Bank | Fixed Income Daily Market Snapshot | |
| Hong Leong Bank | Daily Market Watch | |
| 11 grudzień 2018 | ||
| Erste Group | Hungary Macro Outlook | |
| Adamant Capital (Ukraine) | Fixed Income Weekly Digest (December 5 - 11, 2018) | |
| DNB ASA | Daily Macro Brief | |
| Erste Group | Hungary Short Note | |
| Maybank | Daily Research | |
| Risk Management Institute |
Weekly Credit Brief (Dec 04 - Dec 10)
Description The weekly Credit Brief (WCB) provides summaries of significant credit-related events that occured around the globe in the lastest week. This week's WCB includes the following story:
Oil industry in a relatively stronger credit profile as compared to 2015 despite recent oil price volatility
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| ROSBANK | Café et Croissant. Russian Daily | |
| Republic of Turkey Prime Ministry Undersecretariat of Treasury | Update on Turkish Economy | |
| OCBC | Asian Credit Daily | |
| OCBC | Daily Treasury Outlook | |
| Hong Leong Bank | Fixed Income Daily Market Snapshot | |
| Hong Leong Bank | Daily Market Watch | |
| Goldman Sachs Asset Management | Global Fixed Income Weekly | |
| 10 grudzień 2018 | ||
| Erste Group | Weekly Focus Poland | |
| Ashmore Investment Management | Weekly investor research | |
| Eavex Capital | Ukraine Fixed Income Weekly (Dec. 10, 2018) | |
| DNB ASA | Daily Macro Brief | |
| OCBC | Asian Credit Daily | |
| Erste Group | BiH Macro Outlook: Favorable growth outlook; politics still key downside risk | |
| Eavex Capital | Ukraine Market Monitor (Dec. 10, 2018) | |
| E.Gavrilenkov and A.Kudrin |
Fixed Income: Deciphering Russia’s yield curve
Description The recent flattening of the US yield curve indicates that long-term inflation expectations have subsided which in turn could mean that investors started repricing their GDP growth expectation. As the US yield curve recently produced some local inversions, global markets have turned nervous amid speculations about the Fed’s future actions and the threat of the US recession in the years to come.
So far, the Russian markets have been rather moderately affected by these events and demonstrated no clear change in trends, as bond, equity and currency markets fluctuated around the levels seen in the past couple months. Hence the question about what the Russian regulators may do with regard to the key rate and the announced return to FX purchases.
The acceleration of Russia’s inflation in recent months amid a weaker ruble was caused by the regulators’ activity on the FX market. It is likely that the CBR is going to hike the key rate in mid-December. Given that the system will be awash with liquidity at year-end due to the usual December spending spree, this rate hike may have a limited impact on the bond yields. A seasonal liquidity contraction in January will be offset by the FX buying program, which is likely to be resumed in the second half of January.
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| ROSBANK | Café et Croissant. Russian Daily | |
| Republic of Turkey Prime Ministry Undersecretariat of Treasury | Update on Turkish Economy | |
| Hong Leong Bank | Fixed Income Daily Market Snapshot | |
| Hong Leong Bank | Daily Market Watch | |
