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PVM Midday Report 11 July 2014

Published Friday, July 11th, 2014

Headlines

  1. IEA foresees 2015 global oil demand growth at 1.4 mbpd, up from 1.2 mbpd in 2014
  2. UK construction sector shrinks 1.3% in between April and May
  3. Kurdish forces seize control of two oilfields near Kirkuk
  4. Pro-Moscow rebel attack on Ukrainian border leaves up to 30 soldiers dead

Fundamentals

Economy: European stock indices are recovering their poise after suffering a five-day slump as concerns over the potential contagion effects of Portugal’s banking crisis ease – the Eurofirst 300 is adding 0.2%. The region’s sovereign debt markets are also calmer with periphery bond yields holding their nerve whilst German borrowing costs are steady. Economic data releases are thin on the ground with the only notable news arriving in the form of UK construction figures which showed that the sector shrank by 1.3% in May compared with April.

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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.