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PVM Midday Report 17 June 2014

Published Tuesday, June 17th, 2014


  1. Iraq’s biggest oil refinery halts operations although military still in control
  2. IEA warns of risk to growth in OPEC oil output capacity from Iraqi sectarian strife
  3. German investor morale slips to lowest level for more-than-a year in June
  4. UK annual inflation rate falls to four-year low of 1.5% in May
  5. Norway’s oil production down 14% in May from April following planned maintenance


Economy: European equities are rebounding after two daily losses as the absence of an escalation in the Iraq crisis this morning bolsters hopes that the conflict has pushed the region’s indices low enough – the Eurofirst 300 is adding 0.1%. Moreover, the bullish backdrop is receiving support from a bout of M&A within the region’s healthcare sector. Reflecting the broadly upbeat mood is a subdued performance from traditional safe-haven assets as the yen weakens 0.2% and gold eases 0.4% from a three-week high. Benchmark US Treasury yields remain stable at 2.59% as investors focus on tomorrow’s’ FOMC meeting where it is expected to maintain its policy of stimulus tapering.

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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.