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PVM Midday Report 16 July 2014

Published Wednesday, July 16th, 2014

Headlines

  1. Armed Yemeni tribesmen blow up main oil pipeline in the Ma’rib governorate
  2. UK unemployment rate falls to 6.5% in the three-months to May
  3. Eurozone trade surplus widens in May from same period a year ago
  4. EU looks to broaden scope of sanctions against Russia
  5. US mortgage applications index stumbles 8% in week to July 11

Fundamentals

Economy: European equities are rebounding from yesterday’s decline as investors reflect on Janet Yellen’s largely dovish comments and digest encouraging Chinese economic data – the Eurofirst is advancing 1.2%. In what appears to be an endorsement of Beijing’s recent stimulus programs, Chinese GDP growth accelerated from an annual pace of 7.4% in 1Q to the government target of 7.5% in 2Q. There was similarly positive news from the Eurozone as the region’s trade surplus widened in May and bolstered hopes of strong economic growth in the second quarter. However, pockets of caution remain as the EU prepares to broaden the scope of its sanctions against Russia. Subsequently, benchmark Bund and Treasury yields are a touch lower whilst gold gains $4/oz after two days of losses. The dollar index is adding 0.1%, touching a four-week high, ahead of the release of US industrial production data

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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.