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PVM Midday Report 25 April 2014

Published Friday, April 25th, 2014


  1. S&P downgrades Russia’s credit rating to just above junk
  2. Russian central bank in unexpected 0.5% benchmark interest rate hike
  3. Ukraine in talks with EU to allow shipment of Slovakian gas to Kiev
  4. UK retail sales for March beat forecasts, climbed 0.1% from February


Economy: Demand for European risk assets is waning as fears of an escalation of the Ukrainian crisis outweigh the optimism surrounding corporate earnings and improving economic conditions – the Eurofirst 300 is shedding 0.5%. The latest bout of risk aversion comes as Ukrainian forces killed five pro-Russian separatists and Russia conducted military drills close to the border. The heightening of tensions is undermining Russian assets as the rouble weakens 0.3% against the US dollar and Moscow’s Micex slips 0.8%, extending its five-day decline to 4.9%.

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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.