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PVM Midday Report 15 July 2014

Published Tuesday, July 15th, 2014


  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


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.