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PVM Midday Report 20 March 2014

Published Thursday, March 20th, 2014

Headlines

  1. Merkel reveals EU ready to ramp up punitive measures against Russia
  2. Nigerian exports of Qua Iboe steady in May from April at 12 cargoes
  3. Russia to complete legal process for Crimea absorption this week
  4. Iranian foreign minister claims nuclear talks ‘very successful’ in clarifying issues

Fundamentals

Economy: European stocks are tracking their Asian peers lower as uncertainty surrounding the eventual tightening of US monetary policy dents risk appetite – the Eurofirst 300 is down 0.7%. Indications that a rise in interest rates could come sooner-than-expected are undermining a range of securities including bonds and currencies to emerging-market assets. The dollar index is steady after gaining 0.8% on Wednesday whilst gold is slipping to a three-week low having shed $26 in the aftermath of Janet Yellen’s comments. Government bonds have failed to recover from yesterday’s sell-off with yields on benchmark Treasuries remaining elevated at 2.77%.

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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.