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PVM Midday Report 26 June 2014

Published Thursday, June 26th, 2014

Headlines

  1. Iraqi militants capture town home to four natural gas fields
  2. Italian employers’ lobby cut 2014 GDP growth forecast to +0.2%
  3. Rebel group attacks oil pipeline in northeast Columbia
  4. Bank of England introduces measures to cool booming housing market

Fundamentals

Economy: European stocks are regaining their poise as investors shrug off yesterday’s disappointing US 1Q GDP figures as well as the prospect of a crumbling of the Ukrainian ceasefire – the Eurofirst 300 is adding 0.1%. Moreover, news that Iraqi insurgents have made further territorial gains, this time capturing a town home to four natural gas fields, failed to undermine the uptick in momentum.  There is however some evidence of caution as German Bund yields edge towards all-time lows although gold is slipping 0.6% just as China unearths the latest fictional collateral scam which involves the precious metal

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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.