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PVM Midday Report 09 July 2014

Published Wednesday, July 9th, 2014


  1. Eurozone deflation slows to -1.5% in June from -2.1% in May
  2. Saudi June crude output rises to 9.78 mbpd from 9.705 mbpd in May
  3. Chinese producer prices fall at slowest pace in two-years during June
  4. ECB Board member confirms June action should be sufficient for recovery


Economy: European stock indices are struggling for traction as the absence of any major data points and the upcoming release of minutes from the FOMC’s June meeting ensures that trading remains subdued – the Eurofirst 300 is down 0.2%. Moreover, signs that Chinese industrial activity was recovering following the smallest drop in June producer prices in two years failed to lend support to risk appetite. The cautious mood is characterised by investors’ reticence as they wait on earnings reports to provide clarity on company profitability and in turn equity valuations. This is stoking demand for haven assets with gold rising 0.4% to $1,324/oz whilst the yen adds 0.1% against the buck. As focus turns to US monetary policy, the dollar index is slipping 0.1% and US benchmark borrowing costs 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.