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PVM Midday Report 07 July 2014

Published Monday, July 7th, 2014

Headlines

  1. German industrial production slips 1.8% between April and May
  2. Libyan oil output at 326,000bpd, El Sharara oilfield still blocked
  3. Eurozone investor sentiment unexpectedly leaps in July
  4. ICE Brent speculators cut net length by 6,414 lots in week to July 1
  5. North Sea Brent oil loadings set to rise to 135,000bpd in August

Fundamentals

Economy: European stocks are slipping following their biggest weekly rally since March as investors assess equity valuations and digest weak economic data from Germany – the Eurofirst 300 is losing 0.3%. Risk appetite is waning after figures revealed that German industrial output unexpectedly declined 1.8% between April and May in what is the biggest drop for more than two years. News that investor sentiment leapt in July across the Eurozone as a result of increasing ECB monetary support is doing little to support the mood. Despite the mildly cautious environment, highly rated sovereign debt yields are steady whilst gold is down 0.6% at $1,313/oz.

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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.

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