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PVM Midday Report 08 April 2014

Published Tuesday, April 8th, 2014

  1. Saudi oil output drops to 9.566mbpd in March from 9.849mbpd in February
  2. Kuwait signs deal to supply Egypt with 85,000bpd of crude a year
  3. OECD indicator points to positive outlook for developed economies
  4. Ghana crude oil output at between 105-110,000bpd in 2014
  5. UK manufacturing rises 0.9% in February, fastest rate of growth in 3-years

Fundamentals

Economy: European equity markets are consolidating for a second day as market sentiment continues to be weight down by an escalation in tensions surrounding the situation in Ukraine – the Eurofirst 300 is slipping 0.75%. The cautionary mood is being supported by the start of the US corporate earnings season later today which some fear may highlight overvalued stocks and trigger a further sell-off. With risk appetite on the back foot, gold is trading at a two-week high while the Japanese yen is 0.5% firmer. The US dollar is performing poorly with most major currencies making headway against it.

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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.