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PVM Midday Report 28 February 2014

Published Friday, February 28th, 2014

Headlines

  1. Eurozone inflation holds firm at 0.8% in Feb, above forecast  of 0.7%
  2. Reuters forecasts OPEC Feb crude output at 29.96mbpd, up from 29.79mbpd in Jan
  3. Eurozone unemployment rate remains unchanged at 12% in January
  4. Two major South Korean refiners to invest heavily in gasoline producing units

Fundamentals

Economy: European equities are paring earlier gains from yesterday’s record close on Wall St after February inflation figures for the single-currency bloc came in above expectations  – the Eurofirst 300 is easing 0.45%. Eurozone inflation for the month remained stable at 0.8% whilst the rate of unemployment in January was also unchanged at 12%. The upshot is that expectations of an increase in stimulus by the ECB at its policy meeting next week have been dampened.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.