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PVM Midday Report 14 July 2014

Published Monday, July 14th, 2014

Headlines

  1. Eurozone industrial production slips 1.1% in May compared with April
  2. Ukraine accuses Russia of building up forces along its border
  3. Speculators cut net length in ICE Brent by 34,219 lots in week to July 8
  4. US gasoline prices fall 4cts/gal in past three weeks

Fundamentals

Economy: European stocks are tracking solid gains in Asia as investors put aside concerns over the Eurozone’s banking sector and eagerly await the next batch of US corporate results – the Eurofirst 300 is adding 0.6%. The broadly positive mood comes in spite of disappointing news for the currency-bloc’s fragile economic recovery as industrial production shrank 1.1% across the region in May from April. Nonetheless, haven assets are paring some of last week’s gains as gold suffers its first drop in four-days, slipping 1.3%, whilst the yen declines 0.2% against the dollar. Benchmark Bund and Treasury yields are a touch firmer ahead of a testimony from the heads of their respective central banks.

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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.