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PVM Midday Report 21 May 2014

Published Wednesday, May 21st, 2014

Headlines

  1. China and Russia’s Gazprom sign landmark gas supply deal
  2. Chinese imports of Iranian crude surge 115% in April from a year ago
  3. UK retail sales rise 1.3% in April from March, surpasses expectations of +0.5%
  4. Libya’s major western oilfields remain closed
  5. US mortgage applications index rises 0.9% in week ended May 16

Fundamentals

Economy: European equities are struggling for traction as traders absorb the yesterday’s fall on Wall St and refrain from making bold bets ahead of the release of minutes from the latest FOMC meeting – the Eurofirst 300 is flat. The cautionary mood is ensuring that 10-year US Treasury yields hold steady close to multi-month lows whilst the yen hits a 6-month high against the dollar after the BoJ kept policy unchanged. Concerns regarding the Eurozone’s economic recovery and uncertainties over the upcoming European elections continue to undermine sentiment and are pushing the yield spread between core and peripheral debt higher.

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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.