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PVM Midday Report 21 March 2014

Published Friday, March 21st, 2014

Headlines

  1. EU and Ukraine sign political association agreement
  2. People’s Bank of China sentiment survey declines in Q1 ‘14 from same period a year ago
  3. Libyan authorities close Tripoli airport after rockets hit runway
  4. Eurozone banks to return a more-than-expected €19 billion in crisis loans next week

Fundamentals

Economy: Global equity markets are recovering their poise as investors reassess Janet Yellen’s comments which had sparked fears of an earlier-than-expected rise in interest rates – the FTSE All-world is up 0.2%. The notable exceptions are Russian assets which have taken a hit after escalating sanctions prompted Fitch to revise the country’s credit outlook down to ‘negative’. Nevertheless, the mildly calm mood has halted the dollar’s recent rally and the surge in highly rated government bond yields – the dollar index is easing slightly whilst benchmark Treasury and Bund yields have stabilised.

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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.