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PVM Midday Report 12 May 2014

Published Monday, May 12th, 2014

Headlines

  1. Saudi willing to supply more crude if shortage arises from Ukrainian crisis – oil minister
  2. Result of eastern Ukraine referendum reveals over 90% support for self-rule
  3. ICE Brent speculators cut net length by 36,798 to 167,690 lots in week to May 6
  4. Russia announces no new international talks planned for now on Ukraine
  5. Chinese bank lending subsides in April, money growth picks up

Fundamentals

Economy: European equities are advancing cautiously as investors shrug off news that the weekend’s referendum in eastern Ukraine showed overwhelming support for the region’s self-rule – the Eurofirst 300 is adding 0.5%. Moreover, sentiment is being supported after China reiterated its plans to introduce reforms which would liberalise financial markets. This comes as figures reveal a slowdown in Chinese bank lending and a slight pick-up in money supply growth during April. The mildly bullish mood is pushing yields on benchmark US Treasuries and German Bunds 1 basis point higher whilst the yen weakened a tad.

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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.