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PVM Midday Report 24 July 2014

Published Thursday, July 24th, 2014

Headlines

  1. Euro-area manufacturing and services activity strengthens in July – PMI
  2. Libya’s oil output rises to 500,000 bpd, Brega oil port remains shut
  3. Clashes between Islamists and government forces in Benghazi leave several dead
  4. Spanish unemployment rate falls to two-year low of 24.5% in 2Q from 25.9% in 1Q

Fundamentals

Economy: European bourses are hovering near record highs as investors absorb the latest PMI readings which have pointed to an uptick in momentum of the region’s economic recovery – the Eurofirst 300 is up 0.5%. Following on from a strong showing in China, a composite flash PMI for the currency-bloc rose to a three-month high of 54 in July, whilst a sub-index for the services sector soared to a three-year high. However, performances were mixed as French manufacturing displayed further weakness during the period although its services sector managed to nudge into expansion territory. Nevertheless, the largely upbeat mood is denting demand for haven assets with yields on benchmark Treasuries and Bunds adding 1 bp whilst gold eases $6 to slip below the psychologically important $1,300/oz level.

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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.