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PVM Midday Report 12 March 2014

Published Wednesday, March 12th, 2014

Headlines

  1. OPEC raises 2014 global oil demand forecast to 1.14mbpd, Feb output seen at 30.12mbpd
  2. Eurozone industrial production shrinks by 0.2% in January from December
  3. US mortgage applications decline 2.1%  in week to March 7
  4. Reuters reports that Russian gas exports to Europe passing through Ukraine are stable

Fundamentals

Economy: European stocks are tracking a lacklustre performance on Asian indices as concerns over China’s economic slowdown and ongoing tensions over Ukraine undermines risk appetite – the Eurofirst 300 is down 1%. The prospect of falling Chinese demand is putting downward pressure on commodities as copper plunges to its lowest level on the London Metal Exchange in close to 4 years. The sour mood is boosting demand for perceived havens with gold hitting a 5-1/2 month high whilst yields on 10-year US Treasuries ease 2 basis points to 2.75%.

To read the rest of the report, please click here 

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.