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PVM Midday Report 27 June 2014

Published Friday, June 27th, 2014

Headlines

  1. Iraqi government forces launch attacks against insurgents in Tikrit
  2. Eurozone economic sentiment unexpectedly dips in June
  3. Italian manufacturers’ confidence hits three-year high in June
  4. French consumer spending rises 1% in May from April

Fundamentals

Economy: The Eurofirst 300 stock index is flat this morning despite positive economic data releases from the Eurozone and remains on course to post its first weekly loss since April. Investor sentiment was initially supported by a rare instance of encouraging news from France after figures revealed consumer spending edged up 1% in May from the previous month. Furthermore, Italy’s manufacturing sector continues to shows signs of recovery as confidence levels within the sector reached a three year high in June. However, the bullish set of data comes as economic sentiment across the euro-area unexpectedly dipped in June, albeit from a three-month high in May. Nevertheless, the single currency is gaining 0.1% against the buck whilst the pound sterling is unchanged as 1Q UK GDP is confirmed at +0.8%.

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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.