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PVM Midday Report 10 July 2014

Published Thursday, July 10th, 2014

Headlines

  1. OPEC sees global oil demand growth accelerating in 2015 to 1.21 mbpd
  2. Production at Statoil’s Oseberg East platform halted after collision with supply vessel
  3. British Foreign Secretary reveals significant differences remain in Iran nuclear talks
  4. BoE keeps interest rates and monetary policy on hold in July

Fundamentals

Economy: European equities are slipping to their lowest level in two-months as investors digest more weak economic data from the region and fret over the solvency of Portugal’s biggest bank – the Eurofirst is shedding 1.3%. Poor industrial production figures from France and Italy have added to the currency-bloc’s recent woes with both nations reporting a decline of 1.7% and 1.2% respectively in May compared with April. Moreover, weighing on risk appetite are concerns over Portugal’s banking sector after the country’s biggest bank delayed repayments on short-term debt securities. This uncertainty is sending euro-periphery debt yields higher whilst the flight to safety pushes those on benchmark German Bunds lower by 4 basis points.

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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.