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PVM Midday Report 31 July 2014

Published Thursday, July 31st, 2014


  1. Eurozone inflation slows to 0.4% in July from 0.5% in June
  2. Shelling, clashes resume in Tripoli; oil ports still under government control
  3. Euro-area unemployment rate unexpectedly dips 0.1% to 11.5% in June
  4. Russian exports of ESPO crude from Kozmino set to rise in September


Economy: European stocks are declining as investors digest a batch of disappointing corporate earnings and fret over the prospect of tighter monetary policy as the US economy strengthens – the Eurofirst 300 is shedding 0.7%. Uncertainty over the timing of the first US rate rise is undermining risk appetite and lending support to the US dollar and benchmark Treasury yields which have held on to recent gains. The bout of caution triggered by the positive economic numbers from the world’s biggest economy has had little impact on Russian assets which continue to rally in spite of Western sanctions – the Micex equity index is adding 0.5% and the rouble is 0.2% firmer against the dollar. A mixed set of data releases from the Eurozone has highlighted the ongoing diverging nature of the region’s recovery compared to that of the US.

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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.