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PVM Midday Report 17 july 2014

Published Thursday, July 17th, 2014

Headlines

  1. Iraqi Kurdistan begins pumping oil from Kirkuk fields
  2. Eurozone inflation rate unchanged at 0.5% in June
  3. Ukraine accuses Russia of shooting down fighter plane
  4. Mortars strike southern Israel during temporary humanitarian truce

Fundamentals

Economy: A bout of risk version has gripped European bourses this morning as investors fret over the fallout from the expansion of US and EU sanctions against Russia – the Eurofirst is slipping 0.8%. Fears that rising geopolitical tensions will undermine the fragile economic recovery are denting the broader market sentiment and buoying demand for haven assets. The rush to safety has sent gold back over $1,300/oz, as it adds $5 to 1,304/oz, whilst 10-year US Treasury yields fall 3 basis points. Russian assets are coming under significant pressure with Moscow’s Micex easing 2.7% and the rouble tumbling 1% 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.