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PVM Midday Report 12 June 2014

Published Thursday, June 12th, 2014

Headlines

  1. OPEC leaves 2014 global oil demand growth unchanged, reduces call on its own oil
  2. Kurdish forces take full control of Kirkuk, Sunni militants surge towards Baghdad
  3. Eurozone April industrial output rebounds 0.8% after shrinking 0.4% in March
  4. Q1 Greek unemployment steady at 27.8%; Portugal inflation slips 0.1% in May

Fundamentals

Economy: Despite lingering concerns over the pace of global growth, European stocks are making cautious gains as investors bet on a further improvement over the health of the US economy – the Eurofirst 300 is up 0.1%. Levels of risk appetite are however being kept in checked by increasing anxiety over developments in Iraq where Sunni militants continue their advance towards Baghdad. This comes as Kurdish forces capture the key oil city of Kirkuk and threatens further destabilisation across the region. The recent bout of profit-taking triggered by fading optimism regarding global growth prospects is lending support to highly rated government debt yields which remain close to multi-month 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.