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PVM Midday Report 18 June 2014

Published Wednesday, June 18th, 2014

Headlines

  1. Militants attack Iraq’s main refinery; foreign workers abducted
  2. Ukrainian President sets out peace plan following talks with Russia
  3. Russian crude oil exports expected to rise slightly in 3Q from 2Q
  4. US mortgage applications index falls sharply by 9.2% in week ended June 13
  5. Russian gas flows to the European Union are running normally

Fundamentals

Economy: European stock indices are advancing as investors remain cautiously optimistic ahead of the Federal Reserve monetary policy decision – the Eurofirst 300 is up 0.2%. Expectations are for a further $10bn reduction in its bond-buying programme although yesterday’s strong inflation data could contribute to a more hawkish stance. Prospects of a sooner-than-expected rise in US interest have returned to the fore and are undermining emerging-market assets as India’s rupee, Indonesia’s rupiah and the Malaysian ringgit all slip to multi-month lows. The broadly upbeat mood is gaining support from a peace plan for eastern Ukraine which was put forward by the country’s President after having held discussions with his Russian counterpart.

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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.