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PVM Midday Report 06 May 2014

Published Tuesday, May 6th, 2014

Headlines

  1. Eurozone composite PMI reading rises to three-year high in April
  2. Renewed Libyan protests close Zultun and Raquba oilfields
  3. Retail sales across the euro-area rebound 0.3% in March from February
  4. OECD cuts Chinese growth forecast for 2014 to 7.4%

Fundamentals

Economy: European equities are steady at multi-year highs as encouraging PMI readings from the Eurozone counters lingering concerns regarding the Ukrainian crisis – the Eurofirst 300 is flat. Sentiment is receiving support from a Eurozone composite survey reading which rose to 54.0 in April, the highest level since May 2011. Moreover, retail sales across the euro area climbed 0.3% in March from February and further add to signs of a gain in momentum in the region’s recovery. The optimistic mood is sending yields on peripheral Eurozone bonds to fresh lows whilst the single currency surges 0.4% against the greenback

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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.