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PVM Midday Report 10 June 2014

Published Wednesday, June 11th, 2014

Headlines

  1. Russian gas flows to Ukraine and Europe steady despite payment deadline passing
  2. Second tanker containing Kurdish oil leaves Turkish port of Ceyhan
  3. Iraqi PM asks parliament to declare state of emergency following seizure of Mosul
  4. US small business sentiment hits highest level in over 6 years during May

Fundamentals

Economy: European stocks are adding to recent gains as improving US and China growth prospects along with a steady feed of monetary support continues to spur bulls on – the Eurofirst 300 is up 0.2%. However, fears that that the rally has pushed equities above their fair value is triggering pockets of risk aversion which is helping haven assets make headway.  The Japanese yen is higher against the dollar for the first time in 3 days, adding 0.2%, whilst gold is up $4 to $1,255/oz. Chinese inflation data revealing a rise to 2.5% in May from an 18-month low of 1.8% in April will alleviate deflation concerns whilst still giving its central bank further scope to build on recent stimulus measures.

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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.