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PVM Midday Report 03 March 2014

Published Monday, March 3rd, 2014

Headlines

  1. IAEA claims Iranian nuclear deal is being implemented as planned
  2. Eurozone manufacturing expands at slower pace in February
  3. Net length in ICE Brent crude hits 4-month high in week to Feb 25
  4. UK manufacturing job creation reaches 33-month high in February

Fundamentals

Economy: Global stocks have commenced the week on the back foot as fears grow over the developing crisis in Ukraine – the FTSE All-World is tumbling 1.9%. Events over the weekend which saw a Russian intervention on the Crimean peninsula have pushed the hryvnia and rouble to fresh lows this morning and prompted the Russian central bank to raise its benchmark interest rate by 1.5% to 7%. The surge in risk aversion is supporting havens as yields on benchmark US Treasuries ease 4 basis points to 2.61% whilst gold continues its recent good run, adding 2.1% to hit a 5-month high

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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.