PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- German retail sales unexpectedly suffer m/m fall of 0.9% in April
- Yemen restarts crude oil flows along its main export pipeline after completing repairs
- Italian consumer prices decline 0.1% in May
- European bond fund inflows exceed those in equities for first time in 48 weeks
- 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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