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PVM Midday Report 23 July 2014

Published Wednesday, July 23rd, 2014

Headlines

  1. Russian gasoline and fuel oil exports down 15.4% and 2% respectively in June vs May
  2. Indian imports of Iranian crude up 33% y/y in January-June to 281,000 bpd
  3. Bank of Spain revises 2014 Spanish GDP growth to 1.3% from 1.2% previously
  4. US mortgage applications index rises 2.4% in week ended July 18

Fundamentals

Economy: European equities are building on yesterday’s solid gains as concerns over Russia continue to wane – the Eurofirst 300 is adding 0.2%. The failure of EU foreign ministers to agree on new sanctions against Moscow is reducing aversion towards Russian assets as the Micex advances 0.4% and the rouble gains 0.4% against the buck. The cautiously risk-on mood is sending benchmark US Treasury yields 1 bp higher whilst gold steadies to $1,307/oz. Despite the prevailing bullish environment, worries over the conflict in Gaza linger as Israel keeps up its offensive and diplomatic efforts continue to end in deadlock.

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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.