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PVM Midday Report 30 June 2014

Published Monday, June 30th, 2014

Headlines

  1. Eurozone inflation unchanged at 0.5% in June
  2. German retail sales dip unexpectedly 0.6% in May from April
  3. Russian gas flows bound for the EU via Ukraine normal
  4. UK mortgage approvals slip to 11-month low in June

Fundamentals

Economy: European equities are on the back foot although the Eurofirst 300 is set for a fourth straight quarterly gain as investors digest soft Eurozone inflation figures and await data on US home sales. The latest reading of euro-area inflation has shown that it was unchanged at 0.5% in June and will maintain pressure on the ECB to contemplate further monetary easing. The disappointing flavour of Eurozone macro-economic data continued as figures revealed an unexpected m/m decline of 0.6% in German retail sales during May. Nevertheless, the threats highlighted to the currency’s bloc fragile economic recovery is bolstering the euro as investors bet on sustained monetary support.

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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.