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PVM Midday Report 04 July 2014

Published Friday, July 4th, 2014

Headlines

  1. Libyan oil minister announces plan to resume oil exports
  2. German retails sales increase in June, French and Italian figures disappoint
  3. Iraqi government forces retake the village of Awja
  4. German industrial order slip 1.7% in May compared to April

Fundamentals

Economy: The three-day rally which has propelled European equities towards multi-year highs is taking a breather as lower trading volumes and a lack of catalysts limits any further gains – the Eurofirst 300 is easing 0.2%. With the national US holiday ensuring that the week ends on a quieter note, the only significant number was a m/m decline of 1.7% in German industrial order in May. This was countered by retailers in the Eurozone’s largest economy reporting the sharpest m/m increase in retail sales since January 2011 in June. Yields on the currency-bloc’s periphery debt are heading lower as investors digest the latest comments from the ECB in which they signalled their readiness at introducing extra liquidity should it be needed.

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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.