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PVM Midday Report 17 March 2014

Published Monday, March 17th, 2014

Headlines

  1. Eurozone inflation rate revised down in February from 0.8% to 0.7%
  2. Libyan oil production at less than 250,000 bpd
  3. Crude exports from Russia’s Novorossiisk port halted since last week  due to storm
  4. Tanker containing oil from rebel-held Libyan port is returning to Libya

Fundamentals

Economy: European equities are holding their nerve as investors await for developments following the formal application by Crimea’s parliament to join Russia – the Eurofirst is rebounding 0.6%. The calmer mood prompted by a reduction in geopolitical tensions is supporting risk appetite at the cost of haven assets. Benchmark US Treasury yields are up 3 basis points to 2.68% whilst gold is easing $3 from its recent seven-month high. The dollar index is gaining 0.1% on the expectation of encouraging US industrial output figures due for release later today along with a potential further reduction in the Fed’s stimulus at this Wednesday FOMC.

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.