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PVM Midday Report 09 April 2014

Published Wednesday, April 9th, 2014

Headlines

  1. Iraq aiming to double flows along Kirkuk-Ceyhan pipeline to 1 million bpd
  2. Oil export deal expected to be reached between Bagdad and Iraqi Kurdistan
  3. IAEA reveal Iran nuclear deal being implement as planned
  4. Greek industrial output rises for third consecutive month in February
  5. US mortgage application index declines 1.6% in week ended April 4

Fundamentals

Economy: European and emerging-market indices are rebounding as traders digest a positive start to the US corporate earnings season and encouraging signals from the IMF’s latest global growth forecasts – the FTSE All-World is up 0.8% . Risk appetite is gaining support from an easing of Ukrainian tensions in which the markets have adopted a wait-and-see approach. The relatively calm mood is reducing demand for highly-rated government debt with yields on 10-year Treasury notes increasing 2 basis points to 2.70%. Pockets of caution do however remain with gold steady at a two-week high as investors await the next batch of US earnings and the release of minutes from the Fed’s last policy meeting.

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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.