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PVM Midday Report 25 July 2014

Published Friday, July 25th, 2014

Headlines

  1. German business morale falls to fresh 2014 low in July
  2. Libyan clashes between rival militias spread to Tripoli
  3. UK 2Q GDP growth at 0.8%; economy surpasses pre-crisis peak
  4. Russian central bank in surprise 0.5% benchmark rate rise to 8%
  5. Eurozone lending to households and firms declines further in June

Fundamentals

Economy: European equities are struggling for traction as investors absorb downbeat data from the currency-bloc’s growth engine and fret over the impact of further Russian sanctions – the Eurofirst 300 is down 0.2%. A gauge of German business confidence fell for a third-consecutive month in July to a fresh 2014 low as geopolitical concerns continue to weigh on sentiment. The bearish report is sending the single-currency back towards an eight-month low whilst benchmark Bund yields slip 0.1% to just a few points above record lows. The cautionary mood is garnering support from yet another fall in lending to households and firms in June across the euro-area although the pace of decline is easing as the latest stimulus measures from the ECB start to trickle through.

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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.