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PVM Midday Report 19 March 2014

Published Wednesday, March 19th, 2014

  1. Acting Ukrainian Defence minister will not withdraw troops from Crimea
  2. Crude flows along the Kirkuk-Ceyhan pipeline suspended due to sabotage
  3. South Sudan oil production steady at about 160,000bpd
  4. US mortgage applications suffer 1.2% decline in the week ended March 14
  5. Growth in Eurozone wages and salaries accelerates in Q4’13

Fundamentals

Economy: European equities are making tentative gains as traders await the outcome from Janet Yellen’s first monetary policy decision – the Eurofirst 300 is up 0.2%. Expectations of a further $10billion reduction in the Federal Reserve’s monthly stimulus programme is helping the dollar index strengthen as gold falls for a third consecutive day. Highly rated government bond yields are steady as Ukraine concerns ease although reports that Ukrainian forces will not be withdrawn from Crimea may trigger an escalation in tensions. The sterling is one of the few currencies making headways against the US dollar as it surges 0.3% on the back of encouraging UK unemployment data.

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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.