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PVM Midday Report 16 May 2014

Published Friday, May 16th, 2014

Headlines

  1. US expresses concern at lack of progress in Iran nuclear talks
  2. Eurozone March trade surplus narrows to €17.1 billion from € 21.1 billion a year earlier
  3. Angolan crude exports to slip to 1.49 mbpd in July from 1.66 mbpd planned in June
  4. Russia and Iran fail to agree potential oil-for-goods deal

Fundamentals

Economy: European equities are on course to end the week lower as riskier assets fall out of favour following recent poor economic data out of the Eurozone – the Eurofirst 300 is slipping 0.3%. Underwhelming macro data has challenged market expectations of improving global growth prospects and caused investors to question multi-year highs reached by several stock indices. The resulting bout of risk aversion is keeping pressure on peripheral euro bonds which suffered a sharp sell-off yesterday but have since stabilised.

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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.