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PVM Midday Report 04 March 2014

Published Tuesday, March 4th, 2014

Headlines

  1. Reuters reports that Gazprom is to remove gas discount for Ukraine from April
  2. Ukraine ratifies 610 million euro loan from the European Union
  3. Eurozone producer prices fall 0.3% in Jan from Dec
  4. VLCCs will not load from Britain’s Hound Point terminal in May or June

Fundamentals

Economy: Eurozone equities are rebounding following Russia’s decision to send troops involved in military exercises close to the Ukrainian border back to bases – the Eurofirst 300 is surging 1.7%. The relief rally has also seen emerging-market tensions ease after Moscow’s MICEX stock index and the rouble enjoyed strong gains. The improving mood is hurting traditional safe-haven assets as yields on benchmark US Treasuries edge 3 basis point higher and gold eases 1%, the latter retreating from a four-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.