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PVM Midday Report 16 June 2014

Published Monday, June 16th, 2014


  1. Kiev announces that Russia has cut off all gas supplies to the country
  2. Eurozone inflation slips 0.1% to 0.5% in May from April
  3. Bundesbank warns of a slowdown in 2Q German economic growth
  4. Bad weather halts operations at Kuwait’s three oil ports
  5. ICE Brent crude speculators cut net length by 1,984 lots in week to June 10


Economy: European stock markets are slipping in morning trade as escalating violence in Iraq which saw Sunni insurgents make further territorial gains weighs on investor sentiment – the Eurofirst 300 is down 0.3%. Moreover, reports that Russian gas supplies to Ukraine have been cut off following the passing of a debt repayment deadline is adding to the air of unease. The cautionary mood is lifting gold to three-week high whilst traditional safe-haven currencies including the Swiss franc and Japanese yen make headway against the dollar. Furthermore, highly rated Eurozone bond yields are pushing lower whilst those on benchmark US Treasuries are holding steady ahead of this week’s Federal Reserve policy meeting.

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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.