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PVM Midday Report 28 May 2014

Published Wednesday, May 28th, 2014

Headlines

  1. Eurozone economic sentiment and inflation expectations rise in May
  2. US mortgage applications index slips 1.2% in week ended May 23
  3. German unemployment increases by 24,000 in May – rate remains 6.7%
  4. Pace of UK retail sales growth slows during May

Fundamentals

Economy: European equities are gently easing from more than a six-year high as investors await further catalysts to extend the recent rally – the Eurofirst 300 is shedding 0.1%. The mood remains generally positive with sentiment underpinned by an improving US economic environment and expectations of ECB largesse. This in turn is sending the dollar index 0.1% higher with the euro remaining on the defensive at close to a three-month low. Pockets of caution do however remain after Ukraine’s government said it will press on with military operations against pro-Moscow separatists in Donetsk. This is helping benchmark Treasury and Bund yields fall two basis points apiece whilst gold is steady after having slipped by more than 2% to a three-month low in the previous session.

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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.