Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 04 June 2014

Published Wednesday, June 4th, 2014

Headlines

  1. Eurozone Composite PMI points to a slowdown in business growth during May
  2. Norwegian oil wage talks break down, heading for mediation
  3. US mortgage applications index extends decline, fell 3.1% in week to May 30
  4. Gas talks between Russia and Ukraine continue

Fundamentals

Economy: The rally which has taken European stocks to multi-year highs is stalling as investors await the outcome from the ECB’s policy decision and data on US jobs – the Eurofirst 300 is slipping 0.1%. Although further stimulus measures by the ECB has been somewhat priced in to the market, uncertainty surrounding the extent and method of easing is triggering a bout of caution amongst traders. Expectations of ECB action is keeping benchmark Bund yields within touching distance of 11-month lows whilst hopes of a positive US jobs reports, estimated to have added 218,000 jobs in May, is pushing equivalent US Treasury yields further away from recent lows.

to read the rest of the report, please click here 

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.