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PVM Midday Report 30 April 2014

Published Wednesday, April 30th, 2014

Headlines

  1. Eurozone inflation rises in April to 0.7% from 0.5% in March
  2. Libya’s Zueitina port to load first tanker after being closed for nearly 10-months
  3. Turkey to export Kurdish oil stored in Ceyhan without waiting for Baghdad’s approval
  4. Spanish economy expands 0.4% in Q1, fastest rate of growth in 6 years
  5. German unemployment falls 24,000 in April; rate remains steady at 6.7%

Fundamentals

Economy: European stock indices have opened on a cautionary note as traders await the outcome from the Federal Reserve’s policy meeting – the Eurofirst 300 is slipping 0.1%.  Expectations of a further $10bn reduction in monthly asset purchases to $45bn are undermining emerging-market assets as worries of capital outflows return to the fore. The subdued mood is seeing little change in highly-rated government debt as 10-year US Treasury and UK Gilt yields remain broadly unchanged with the former holding onto one-week highs. The Japanese yen is shedding 0.16% against the greenback following the BoJ’s announcement that it would maintain its QE policy whilst gold eases 0.3% as it continues to find itself out of favour.

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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.