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Equity bulls in pole position

Published Monday, July 7th, 2014

Global equity markets enjoyed a strong start to the new quarter as investors absorbed a slew of encouraging economic data which culminated in the better-than-expected US jobs report. The figures revealed that employers added 288,000 workers in June with the unemployment rate falling to a six-year low of 6.1% and buoyed optimism over US growth prospects. Moreover, fuelling demand for risk assets were assurances from the Federal Reserve and ECB of ongoing accommodative monetary policy as the latter reiterated its commitment to adopt further unconventional measures if needed.

A lull in geopolitical tensions surrounding Iraq and Ukraine also contributed to the positive underlying backdrop as Iraqi government forces retook a number of villages from Sunni militants. Attention will now be focused on Prime Minister al-Maliki who continues to defy his critics by refusing to give up his quest for a third term in power and could potentially exacerbate the country’s sectarian conflict. Nevertheless, the bullish momentum looks set to be maintained this week after the IMF predicted an uptick in the pace of the global recovery in 2015 and China’s Premier Li Keqiang announced a quickening of the country economic growth in the second quarter.

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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.