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PVM Midday Report 05 June 2014

Published Thursday, June 5th, 2014


  1. ECB cuts interest rates to fresh record low and adopts negative deposit rate
  2. Eurozone April retail sales grow at strongest annual pace in 7 years
  3. Full production has resumed at Statoil’s North Sea Snorre B platform
  4. Global food prices in second consecutive monthly decline during May
  5. Bank of England keeps monetary policy on hold


Economy: Concerns of faltering economic growth and the risk of deflation have finally prompted the ECB to take action. The widely expected move, which involves a 10 basis point cut in its headline interest rate to 0.15% and the introduction of a negative deposit rate, is bolstering demand for equities across the Eurozone – the Eurofirst 300 is adding 0.3%. The announcement of monetary support is sending yields on some of the region’s benchmark government debt lower whilst the euro drops to more than a four-month low against the dollar .The broadly risk-on mood is gaining support from data revealing that retail sales across the euro-area rose by a more-than-expected 0.4% in April from March. The dollar index is easing 0.1% following yesterday’s underwhelming ADP jobs report but remains close to a three-month high.

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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.