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PVM Midday Report 02 May 2014

Published Friday, May 2nd, 2014

Headlines

  1. Russia crude oil output slips 0.2% in April from previous month to 10.54mbpd
  2. Eurozone manufacturing PMI hits three-month high of 53.4 in April
  3. UK construction industry expands at slowest pace in 6-months during April
  4. Eurozone unemployment rate unchanged at 11.8% in March

Fundamentals

Economy: European stock indices are trading cautiously as investors await monthly employment figures from the US and escalating tensions between Ukrainian forces and pro-Russian separatists weighs on sentiment – the Eurofirst 300 is flat. Markets are hoping that expectations of 218,000 jobs added in April will be met after the recent disappointing Q1 growth figures. The decline in risk appetite is buoying demand for Eurozone government bonds with yields on German Bunds hitting their lowest level in a year.

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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.