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PVM Midday Report 02 June 2014

Published Monday, June 2nd, 2014


  1. Eurozone manufacturing growth eases in May
  2. Fresh clashes in eastern Libyan city of Benghazi claims 7 lives, 15 wounded
  3. IAEA claims to have “better understanding” of Iran’s disputed nuclear programme
  4. Spanish King Juan Carlos abdicates after almost 40 years on the throne
  5. Speculators raise net length in ICE Brent crude by 12,488 contracts in week to May 27


Economy: European stocks are starting the month on the front foot as investors digest encouraging Chinese manufacturing data and continue to pin hopes on the ECB delivering economic stimulus later this week – the Eurofirst 300 is advancing 0.3%. Risk appetite was bolstered after China’s manufacturing PMI hit a 2014 high of 50.8 in May, up from 50.4 in April, and will help ease concerns of waning Chinese growth. The upbeat mood is sending gold down $4 to $1,247/oz whilst yields on 10-year US Treasuries are adding 3 basis points on anticipation of a strong US jobs report due later this week. Moreover, expectations of a pick-up in the US labour market is buoying demand for the dollar which is gaining 0.2% against a basket of major currencies.

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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.