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PVM Midday Report 13 May 2014

Published Tuesday, May 13th, 2014

Headlines

  1. OPEC leaves 2014 global oil demand growth unchanged, April output up at 29.59 mpbd
  2. Libya crude output at 235,000bpd; El Sharara field still offline
  3. German investor confidence tumbles to lowest since January 2013
  4. Growth in Chinese factory output and retail sales slows during April

Fundamentals

Economy: A record close on Wall St is helping European stocks extend six-year highs as traders remain optimistic over global growth prospects and count on further central bank support – the Eurofirst 300 is adding 0.2%. Appetite for riskier assets has even spread to emerging-markets where strong gains on Russian and Indian indices have sent the FTSE Emerging index to a six-month high. The bullish mood comes in spite of further evidence of a slowdown in China where industrial output and retail sales for April missed forecasts. Comments from the Chinese deputy finance minister that large-scale stimulus measures to support short-term growth won’t be introduced will only add to concerns.

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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.