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PVM Midday Report 03 July 2014

Published Thursday, July 3rd, 2014

Headlines

  1. Business growth across the euro-area slows to six-month low in June
  2. Eurozone retail sales unchanged in May compared to April
  3. UK services PMI eases in June but still points to sharp increase in activity
  4. Saudi Arabia deploys 30,000 troops along Iraqi border

Fundamentals

Economy: European stocks are inching higher as investors await the outcome of the ECB’s latest policy meeting and bet on a strong US non-farm payrolls report – the Eurofirst 300 is adding 0.4%. Markets have priced in expectations of an absence of fresh policy action from the ECB following the unprecedented measures it announced last month. Yesterday’s upbeat ADP figures have bolstered hopes of a robust jobs report which is forecast to have added 212,000 workers in June. The bullish setting is kerbing demand for haven assets with yen easing 0.1% against the greenback whilst gold slips 0.3%, pulling back from a three-month high hit earlier this week.

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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.