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PVM Midday Report 15 July 2014

Published Tuesday, July 15th, 2014

Headlines

  1. Libyan oil production continues to recover, output at 588,000bpd
  2. German gauge of economic sentiment slips to 18-month low
  3. UK inflation rate unexpectedly jumps to 1.9% in June
  4. Iraqi forces launch offensive to retake city of Tikrit

Fundamentals

Economy: European equities have paused for breath following Monday’s strong rally as investors refrain from making bold bets ahead of Janet Yellen’s testimony – the Eurofirst 300 is easing 0.3%. The mildly cautious mood is helping haven assets regain their poise as 10-year US Treasury yields fall 1 basis point whilst gold shows signs of stabilising, adding $5/oz after shedding more than $30/oz yesterday. The recent run of bearish economic data from the Eurozone continued today after a gauge of German economic sentiment slipped in July to an 18-month low and dents hopes of an uptick in the pace of the region’s recovery. Consequently, benchmark German bund yields are a touch lower and the euro is 0.1% weaker against the dollar.

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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.