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PVM Midday Report 16 April 2014

Published Wednesday, April 16th, 2014

  1. UK unemployment rate dips to 6.9% in three months to February
  2. Tanker begins loading crude at Libya’s Hariga port
  3. US mortgage applications climb 4.3% in week to April 11, first rise since early March
  4. Angolan oil exports planned at 1.66mbpd in June, little changed from May
  5. Eurozone inflation confirmed at 0.5% in March, lowest level in over four-years

Fundamentals

Economy: European equities are tracking gains on Asian indices after solid US earnings reports and better-than-expected Chinese growth figures boost investor sentiment – the Eurofirst 300 is up 0.8%. China’s economy grew 7.4% in 1Q from the same period a year earlier, its slowest pace in 18-months, but helped lift the mood as it beat forecasts of 7.3%.  However, the ongoing confrontation between Kiev and pro-Russian separatists is ensuring elements of anxiety remain as Moscow’s Micex index hits a three-week low and Ukraine’s 5-year CDS touches a one-month high.

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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.