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PVM Midday Report 01 May 2014

Published Thursday, May 1st, 2014

Headlines

  1. UK manufacturing sector growth accelerates in April
  2. Russia cuts oil export duty by $11 to $376 from May 1
  3. Russian retail gasoline prices in 5.4% rise during March from same period last year
  4. China April manufacturing PMI rises to 50.4 from 50.3 in March

Fundamentals

Economy: Confidence in US economic growth prospects along with positive manufacturing data from China and the UK are helping to lift market sentiment – the FTSE 100 is gaining 0.25%. With little macroeconomic data to digest due to Mayday bank holidays across the Eurozone, investors took comfort from a slight uptick in China’s manufacturing PMI for April to 50.4 from 50.3 in March. Moreover, the equivalent reading for the UK’s manufacturing sector revealed a strong acceleration in growth during April with a rise to 57.3 from 55.8 in the previous month. The pound rallied on the news, breaching $1.69 and hitting a new five-year high in the processT

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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.