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PVM Midday Report 14 May 2014

Published Wednesday, May 14th, 2014

PVM Midday Report

Headlines

  1. Eurozone March industrial output slips 0.3% from February
  2. Libya’s El Feel oilfield restarts production, El Sharara remains closed
  3. Turkey begins sale of Kurdish oil held in storage at port of Ceyhan
  4. US mortgage applications index rises 3.6% in week ended May 9
  5. Indian imports of Iranian crude fall by 42% in April from March

Fundamentals

Economy: The rally which propelled European stocks to six-year highs has paused as investors reassess equity valuations and digest disappointing Eurozone industrial output data – the Eurofirst is easing 0.2%. Risk appetite has taken a knock after figures revealed that industrial production across the common-currency area contracted 0.3% in March from the previous month. The guarded mood is helping gold add $7 to $1,300/oz whilst benchmark US Treasury yields slip 4 basis points as poorly received US retail sales in April continue to weigh on sentiment.  The prospect of imminent monetary support from the ECB is pushing Eurozone bond yields lower whilst the single-currency lifts itself off a five-week low, adding 0.1% against the greenback.

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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.