Световни източници
• Brexit has forced investors to rebalance portfolios to compensate for GBP • Cross GBP volatilities show these are also being highly bid • A drop in the 10 year gilt of 6.6bps takes it to an all-time low of 1.14%
• The ICM/Guardian poll on June 13 showed the leave camp on 50% • The same poll showed the stay camp trailling well behind on just 45% of the vote • The FTSE dropped 1.2% on risk-off sentiment following the release of the poll
• Record output in January coincided with multi-year low for Urals oil • Production freeze agreed with Opec would give Russia leeway to invest • Russian central bank pegs domestic demand above consensus estimates
• The FTSE moved up slightly yesterday following a rally in crude oil • GBPUSD trading is choppy, between the 100 day and 200 day moving average • UK banks have slashed their exposure to sterling assets
- Russian central bank points to decreasing inflation, rosy summer outlook - Analysts wary of further rouble strength, particularly absent oil price gains - Manufacturing hailed as a success but also remains internationally uncompetitive
In classical mythology, Atlas was the god condemned to hold up the sky for all eternity. In Italy on April 11th a clutch of banks and other financial institutions agreed to create a fund called Atlante (Atlas in Italian) to bail out troubled rivals and thus allay fears of a systemic crisis in Italian banking.
• Russian crude output hits fresh post-Soviet high for March • Russian crude oil and gas condensate production at 10.912 million b/d • Oil bulls hope Doha meeting on April 17 might see output freeze deal • Russian companies likely to sidestep any national freeze target • Novatek, Rosneft both anticipate production rises in 2016
Snow White didn’t have a fairy godmother, but we do and her name is Janet Yellen. In her speech on Tuesday, she strongly suggested that she is in no rush to raise the federal funds rate anytime soon. Apparently, she wants to see the snowy whites of inflation’s eyes before doing so. Her speech before the Economic Club of New York was titled “The Outlook, Uncertainty, and Monetary Policy.”
• Russian markets' 2016 performance mirrors start of 2015 • Recent rally in equities has come on the back of crude oil gains • Potential easing of EU sanctions could give Russian stocks a boost
