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PVM Midday Report 29 July 2014

Published Tuesday, July 29th, 2014

Headlines

  1. US judge signs order to seize Kurdish oil cargo from tanker off coast of Texas
  2. Preliminary Norway crude output rises in June from May but misses official forecasts
  3. Spain to revise 2014, 2015 GDP growth to 1.5% and 2% from 1.2% and 1.8%
  4. UK mortgage approvals rebound in June after fourmonths of falls

Fundamentals

Economy: European equities are steady as investors withhold from making bold bets ahead of a slew of US economic data releases due over the coming days – the Eurofirst 300 is adding 0.2%. Robust corporate earnings from across the currency-bloc are underpinning sentiment although the mildly tentative mood is holding back appetite for risky assets. Geopolitical concerns are contributing to the subdued environment as the EU meets to finalise “phase three” sanctions which for the first time will affect entire sectors of the Russian economy. This in turn is pushing Moscow’s borrowing costs up and sending the rouble 0.3% lower though the Micex stock index is recovering 0.6%. Fears that sanctions will undermine the euro-area economy is boosting demand for the region’s sovereign bonds as benchmark German bund yields ease 2 basis point to a record low

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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.