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PVM Midday Report 18 July 2014

Published Friday, July 18th, 2014

Headlines

  1. Nigerian exports of Qua Iboe crude set to drop in September
  2. Israeli PM announces it is ready to step up Gaza offensive
  3. Spanish banks’ bad loans ratio remained steady at 13.4% in May
  4. Libya cuts July OSP for the majority of its crude grades

Fundamentals

Economy: European stocks are set to end the week on a sour note as events in Ukraine continue to dominate the action – the Eurofirst 300 is down 0.3%. Fears that the conflict between Russia and the West is deepening following the downing of a civilian jet in eastern Ukraine has put risk appetite firmly on hold. Sentiment is being further dampened by an escalation in Middle-Eastern tensions as Israel reveals that it is prepared to step up its Gaza offensive. Despite the risk-off environment, haven assets are giving up some ground after a bout of profit-taking as gold eases $8 to $1,310/oz whilst benchmark US Treasury yields add 2 basis points.

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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.