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PVM Midday Report 08 May 2014

Published Thursday, May 8th, 2014

Headlines

  1. Bank of England and ECB keep monetary policy on hold
  2. Saudi crude oil output rises to 9.66 mbpd in April from 9.566 in March
  3. Greek unemployment slips to 26.5% in February from 26.6% in January
  4. Chinese crude imports up 22% in April from March to 6.78 mbpd

Fundamentals

Economy: European stocks are climbing as sentiment receives support from Janet Yellen’s dovish comments and hopes of a de-escalation in Ukrainian tensions – the Eurofirst 300 is advancing 0.5%. Chinese trade data figures showing that imports and exports rose in April from the same period a year ago is further adding to the upbeat mood. Ms Yellen’s stance is underpinning risk assets whilst haven assets fall out of favour. Yields on benchmark US Treasuries, which have been stubbornly hovering around six-month lows, are up 4 basis points to 2.63%. Moreover, gold remains under pressure as it fails to recover from the $17 drop suffered in the aftermath of her testimony

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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.