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PVM Midday Report 24 June 2014

Published Tuesday, June 24th, 2014

Headlines

  1. Survey of German business confidence hits 2014 low
  2. Saudi oil official claims Kingdom has spare capacity to raise output to 12.5mbpd
  3. Libyan oil output at 270,000bpd, Hariga and El Sharara ports remain closed
  4. President Putin asks Russian Parliament to cancel the right to use force in Ukraine
  5. Russia’s Gazprom confirm that gas flows to Europe via Ukraine remain stable

Fundamentals

Economy: European equity indices are slipping after a survey revealed that German business sentiment dipped further in June to a 2014 low – the Eurofirst 300 is down 0.2%. The subdued environment comes in spite of an easing of tensions surrounding the security situations in Iraq and Ukraine. News that President Putin has asked the country’s Parliament to revoke the right to use military force in Ukraine is supporting Russian assets as Moscow’s Micex jumps 1.2% and the rouble gains 0.8%, sending the latter to its highest level since January.

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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.