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PVM Midday Report 22 April 2014

Published Tuesday, April 22nd, 2014

Headlines

  1. US offers $50million aid package to Ukraine
  2. Libyan oil output at around 220,000bpd; several oilfields still remain closed
  3. Exports of Nigerian Qua Iboe crude to rise slightly in June to 380,000bpd
  4. Chinese yuan slips to 14-month low against the US dollar

Fundamentals

Economy: European equity indices are returning from the long weekend on a positive note as the improving US economic outlook outweighs fears that the Ukraine peace agreement is faltering – the Eurofirst 300 is surging 1.1%. Moreover, risk appetite is gaining support from steady corporate earnings on Wall St as well as the prospect of increasing M&A activity in the pharmaceutical sector. The buoyant mood is sending yields on benchmark UK and German bonds up 2 basis points whilst gold is stable at a two-and-a-half week low.

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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.