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PVM Midday Report 28 April 2014

Published Monday, April 28th, 2014

Headlines

  1. US announces fresh sanctions against Russian individuals, EU expected to follow suit
  2. Italian consumer confidence reaches four-year high in April
  3. Speculators raise net length in ICE Brent by 34,280 lots in week to April 22
  4. Cost of insuring Russian debt against default rises to highest level since Nov 2011

Fundamentals

Economy: European equities are shrugging off concerns over Ukraine as short-term investor sentiment receives support from the ongoing M&A activity in the pharmaceutical industry – the Eurofirst 300 is adding 0.5%. Nevertheless, underlying Ukrainian tensions and a fresh round of sanctions issued by the US is undermining Russian assets. Moscow’s Micex is slipping for the sixth-consecutive day while yields on its 10-year benchmark bond climb 9 basis points to a three-year high. US borrowing costs are steady whilst the dollar index touches a two-week low ahead of tomorrow’s start of the Federal Reserve’s latest meeting in which it is expected to cut monthly asset purchases by a further $10bn to $45bn.

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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.