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PVM Midday Report 15 May 2014

Published Thursday, May 15th, 2014

Headlines

  1. Eurozone Q1 growth underwhelms – Germany 0.8%, France 0%, Italy -0.2%
  2. IEA raises 2014 global oil demand growth by 30,000bpd to 1.32 mbpd
  3. Iran hopes that OPEC members will make room for its increasing crude output
  4. Pipeline system of the Kashagan oilfield to be replaced, output will not resume this year

Fundamentals

Economy: European equities are making tentative gains after disappointing Q1 Eurozone GDP figures bolstered expectations of monetary stimulus from the ECB – the Eurofirst 300 is adding 0.1%. Growth across the euro-area in Q1 matched the 0.2% recorded in the final quarter of 2013 and highlighted the ongoing divergent nature of the recovery with Germany responsible for the majority of the region’s expansion. Figures also revealed Eurozone inflation accelerated in April to 0.7% on the year from 0.5% in March but still remains in what the ECB refer to as the “danger zone”.

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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.