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PVM Midday Report 10 April 2014

Published Thursday, April 10th, 2014

  1. OPEC lowers 2014 forecasted demand for its oil by 50,000bpd to 29.65mbpd
  2. Libya’s National Oil Company still waiting on government orders to resume oil exports
  3. Greek unemployment rate at 11-month low of 26.7% in January
  4. French and Italian February industrial output figures at +0.01% & -0.05% respectively
  5. Chinese imports of crude oil fall to a 5-month low in March

Fundamentals

Economy: European indices are struggling for tractions as weak trade data from China counters the dovish tone of the Fed’s minutes – the Eurofirst is flat. Market sentiment is being undermined by figures which revealed Chinese imports and exports declined in March and provides more signs that growth prospects in the world’s second-biggest economy are wavering. Subdued levels of risk appetite and indications from the Fed of no imminent plans to raise interest rates are supporting safe-haven assets. US 10-year Treasuries prices are recovering as yields ease 3 basis points whilst gold hits a two-and-a-half week high.

To read the rest of the report, please click here 

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.