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PVM Midday Report 23 April 2014

Published Wednesday, April 23rd, 2014

  1. Flash Eurozone PMI Composite reading at 35-month high in April
  2. Two North Sea Forties oil cargoes scheduled to load in April delayed until May
  3. Kiev to renew “anti-terrorist operation” in eastern Ukraine
  4. US mortgage applications decline 3.3% in week ended April 18

Fundamentals

Economy: European stocks are snapping three days of gains after disappointing flash PMI numbers from China fails to offset more steady readings from the Eurozone – the Eurofirst 300 is slipping 0.35%. Preliminary data pointing to a fourth-consecutive monthly slowdown in Chinese manufacturing is undermining appetite for risk assets whilst bolstering that for perceived havens. Benchmark US Treasury and German Bund yields are easing slightly whilst gold adds $3 but still remains close to a 10-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.