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PVM Midday Report 22 July 2014

Published Tuesday, July 22nd, 2014

Headlines

  1. Libyan oil output at 450,000bpd; port of Brega should be operational within a few days
  2. Separatists hand over MH17 black boxes to Malaysian authorities
  3. Flow of oil products to Russian port of Primorsk halted after pipeline tapping
  4. Saudi Arabia to open its stock market to foreign investors
  5. Growth in UK industrial orders slows during July

Fundamentals

Economy: European stocks are tracking a robust performance on Asian bourses as well-received US corporate earnings overshadows lingering geopolitical tensions – the Eurofirst 300 is advancing 1%. Waning risk aversion comes in spite of fresh attacks this morning by Israel across the Gaza Strip and threats from the EU of harsher sanctions against Russia. Nevertheless, the broadly upbeat mood is bolstering demand for global risk assets with particular support being offered to Russian assets which have suffered heavy falls in recent days. Moscow’s Micex is rebounding 1.7% from six days of losses whilst the rouble is 0.5% firmer against the buck.

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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.