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PVM Midday Report 03 June 2014

Published Tuesday, June 3rd, 2014


  1. Eurozone inflation slump to 0.5% in May from 0.7% in April
  2. April Eurozone unemployment rate falls by 0.1% m/m to 11.7%
  3. Libya’s Hariga port remains closed as guards protest against unpaid wages
  4. Gazprom cuts its 2014 gas export forecast to Europe to 158.4bcm
  5. Clashes between Yemeni government forces and rebels claim at least 120 lives


Economy: European equities are retreating from record highs as traders digest lower-than-forecasted Eurozone inflation figures – the Eurofirst 300 is shedding 0.5%. Sentiment had initially gained support from further signs of stabilisation in China’s economy and data showing that the Eurozone unemployment rate dropped to 11.7% in April from 11.8% in March. However, this was overshadowed by inflation data from across the region which showed that consumer price inflation slowed to just 0.5% last month from 0.7% in April. The poorly-received news will crank up pressure on the ECB to deploy stimulus measures and sent yields on benchmark Bunds slightly higher.

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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.