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PVM Midday Report 09 May 2014

Published Friday, May 9th, 2014


  1. German exports slip 1.8% in March, biggest fall in 10-months
  2. UK manufacturing sector posts 0.5% rise in March from February
  3. China cuts retail fuel prices by less than 1%
  4. Greek industrial output dips 3.1% in March from same period a year ago


Economy: European equities are paring yesterday’s gains sparked by hopes of ECB action as investors fret over the upcoming Ukraine secession vote and further signs of a cooling Chinese economy – the Eurofirst 300 is easing 0.4% . Signs of deflationary pressures in China have emerged after annual consumer price inflation fell to 1.8% in April whilst declining producer prices for the same month point to weakening domestic demand. Despite the cautionary mood, haven assets such as gold and US Treasuries are mostly unchanged as they struggle to make headway. The single-currency is sliding further today on expectations of monetary stimulus whilst an upgrade to Portugal’s credit rating helped drive euro-area periphery bond yields to fresh record lows.

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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.