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PVM Midday Report 14 March 2014

Published Friday, March 14th, 2014

Headlines

  1. IEA sees increasing demand of oil being met by surge in supply
  2. Eurozone employment rises 0.1% in Q4’13, first increase in close to 3-years
  3. Russia ships more troops and armour into Crimea
  4. UK trade deficit widens by more-than-expected in January

Fundamentals

Economy: Global equities are resuming their downward trajectory amid fears of a flare-up between Russia and the West should Crimea decide to join Russia at this weekend’s referendum – the FTSE All-World is shedding 0.5%. Along with continuing concerns over China’s economic prospects, there is little support for risk assets on offer which in turn is helping to underpin demand for haven currencies such as the Swiss franc and Japanese yen.  The scurry to safety is also pushing yields on highly-rated government bonds lower with those on benchmark US Treasuries hitting a two-week low whilst those on equivalent German Bunds ease slightly to an 8-month low.

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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.