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PVM Midday Report 29 May 2014

Published Thursday, May 29th, 2014


  1. Libyan crude output at 155,000bpd, exports from Zueitina halted
  2. Spanish 1Q GDP expands 0.4% from previous quarter
  3. Crude flows along Iraqi Kurdistan pipeline via Turkey at 100,000-120,000bpd
  4. Pro-Russian rebels shoot down Ukrainian military helicopter


Economy: European stock indices are hovering near cyclical and record highs as the market continues to price-in a fresh round of monetary easing from the ECB – the Eurofirst 300 is adding 0.1%. Moreover, prospects of further stimulus is helping sovereign debt yields hold recent lows whilst the yield basis between core and periphery Eurozone bonds remains close to multi-month lows. The largely positive mood is denting demand for gold which is slipping $4 to a 16-week low of $1,254/oz. The dollar index is easing 0.2% as investors await data on US GDP growth and initial jobs claims. The single-currency is ticking higher against the greenback as it consolidates above a three-month low, having lost close to 2% since the last ECB policy meeting.

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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.