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PVM Midday Report 04 June 2014

Published Wednesday, June 4th, 2014


  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


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.

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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.