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PVM Midday Report 07 May 2014

Published Wednesday, May 7th, 2014

Headlines

  1. German industrial orders decline 2.8% in March from February
  2. Libyan rebels occupying eastern ports refuse to deal with new Prime Minister
  3. Attackers target Yemen’s main export oil pipeline, crude flows halted
  4. US mortgage applications index rebounds 5.3% in week to May 2

Fundamentals

Economy: European stock indices are slipping after inhering a poor Asian session as concerns over US equity valuations and the deepening Ukrainian crisis hurts investor sentiment – the Eurofirst is shedding 0.25%. The recent downward revision for global growth by the OECD is also contributing to the bearish mood. The dip in risk appetite is supporting gold prices, which are up $4 to $1,311/oz, whilst benchmark US Treasury yields ease 1 basis point to 2.58%. The dollar index continues to defy encouraging data of late on the US economy as it slips further towards a 6-month low.

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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.