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PVM Midday Report 20 May 2014

Published Tuesday, May 20th, 2014

Headlines

  1. China’s apparent diesel consumption shrinks by 2% y/y in 1Q
  2. Annual UK inflation rate ticks up to 1.8% in April from 1.6% in March
  3. South Korean imports of Iranian crude rise 8.7% in April from a year earlier
  4. Reuters poll sees further build in US commercial crude oil stocks in week to May 16

Fundamentals

Economy: European stocks are little changed as investors go in search for catalysts which could provide some sort of direction – the Eurofirst 300 is flat. Sentiment had been recently underpinned by the prospect of fresh support from the ECB in the coming weeks. However, fears that any additional easing will fail to meet expectations and uncertainty over the upcoming European elections has triggered a bout of risk aversion. This in turn is pushing borrowing costs for the region’s peripheral countries higher and undermining the single-currency, the latter slipping 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.