European Stocks Rise as Markets Await Key U.S. Inflation Data 
Gold Prices Edge Higher as Markets Await Key U.S. PCE Inflation Data 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Emerging market Asian currencies are expected to remain gloomy, at least in the short term, and thus the ruble to remain weak, according to the latest research report from Commerzbank.
Russia today kicks off the publication of growth data for the 2nd quarter (Poland, Czech Republic, Hungary and Romania will follow next Wednesday). At the end of July, the Russian Ministry of Economics announced its estimate: At 0.8 percent compared to the same quarter of the previous year, the rate is slightly higher than in the first quarter (+0.5 percent y/y), but all in all growth remains weak.
In addition, there is uncertainty about the reliability of the data after the revisions of fixed capital investments and construction activity. All in all, the GDP data - should they remain within expectations - should therefore not be able to offer any support to the ruble, the report added.
Meanwhile, the current correction in oil prices, but also the US sanctions, pose significant growth risks. If the new DASKA law is approved by the US Congress, President Donald Trump's discretionary scope with regard to sanctions affecting the entire Russian crude oil industry will increase significantly, Commerzbank further noted in the report.
