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PVM Midday Report 02 July 2014

Published Wednesday, July 2nd, 2014


  1. Eurozone producer prices dip 0.1% in May from April
  2. US mortgage applications index slips 0.2% in the week ended June 27
  3. Iran and the P5 + 1 begin final round of nuclear talks
  4. UK construction PMI for June hits four-month high


Economy: European equities are extending gains although at a more moderate pace as investors wait to see if US jobs and factory data can sustain the rally which has sent global stocks close to multi-year highs – the Eurofirst 300 is adding 0.3%. The moderately positive mood is experiencing lacklustre trading volumes as markets search for the next catalyst to take stock indices into virgin territory. A potential source of impetus will be US employment figures in the form of the ADP private-sector survey where expectations are for employers to have added 205,000 jobs in June. The low volatility environment has spread to highly-rated sovereign debt where yields on benchmark Treasuries and Gilts are unchanged.

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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.