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PVM Midday Report 25 June 2014

Published Wednesday, June 25th, 2014


  1. Sunni militants attack Iraqi air base
  2. US allows export of ultra-light condensates
  3. US mortgage applications dip 1% in the week to June 20
  4. Russian GDP rises 1.3% y/y in May
  5. UK retail sales in June disappoint


Economy: European equities are tracking overnight losses in Asia as lingering concerns over escalating violence in Iraq and upcoming US 1Q GDP data dampens risk appetite – the Eurofirst 300 is shedding 0.5%. The latest attack undertaken by Sunni militants in Iraq has seen one of the country’s largest air bases come under siege as the insurgents look to build on recent territorial gains. Moreover, the cautionary mood is garnering support from a final revision to US 1Q GDP due later which is expected to show that the economy contracted by 1.8%, deeper than the current estimate of 1%. Although impact to the market is currently limited, benchmark US Treasury yields are steady at 2.58% and the dollar index is slipping 0.1%.

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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.