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PVM Midday Report 02 April 2014

Published Wednesday, April 2nd, 2014

Headlines

  1. Eurozone producer prices decline 0.2% in February from January
  2. Russian oil output down 0.2% to 10.56 mbpd in March
  3. US mortgage applications index slips 1.2% in the week ended March 28
  4. Russia raises export duty on its crude oil by $2.6/tonne to $387/tonne

Fundamentals

Economy: Global equities have hit a post-financial crisis high as the improving US economic outlook and hopes for further monetary stimulus in China and Europe supports risk appetite – the FTSE All-World is gaining 0.3%. Emerging-market assets are also benefitting from the latest surge in sentiment despite the head of the Russian central bank forecasting its GDP growth falling below 1% this year. The upbeat mood is putting pressure on lower risk assets with yields on benchmark US Treasuries rising 2 basis points to 2.77% whilst the Japanese yen falls to a 10-week low versus the dollar.

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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.