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PVM Midday Report 30 May 2014

Published Friday, May 30th, 2014

Headlines

  1. German retail sales unexpectedly suffer m/m fall of 0.9% in April
  2. Yemen restarts crude oil flows along its main export pipeline after completing repairs
  3. Italian consumer prices decline 0.1% in May
  4. European bond fund inflows exceed those in equities for first time in 48 weeks
  5. Reuters poll forecasts drop in oil prices in 2H 2014; Brent seen at $105.90 & WTI at $98.70

Fundamentals

Economy: European equities looks set to end the month at their best level in more than six-years following yet another record close on Wall St and hopes of fresh monetary stimulus from the ECB. Benchmark Bunds and Treasuries are easing slightly although remain close to multi-month lows.  The nature of the recent trend which has seen a rally in both stocks and bonds was highlighted by figures showing inflows into European bond funds exceeded those of equity funds last week for the first time in close to a year. Risk appetite and the absence of inflation in many countries continues to weigh on gold as it slips $2 lower towards the psychologically important support at  $1,250/oz.

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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.