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PVM Midday Report 05 August 2014

Published Tuesday, August 5th, 2014

Headlines

  1. Eurozone services sector PMI slips slightly to 54.2 in July from 54.4 in June
  2. Egypt to build new 72km canal alongside Suez Canal
  3. UK services sector growth at eight-month high in July
  4. Euro-area retail sales rise 0.4% in June from the previous month
  5. West African exports of crude to Asia set to fall to 1.59 mbpd in August

Fundamentals

Economy: European bourses are shrugging off disappointing data from China as well-received corporate earnings and easing geopolitical tensions boosts investor morale – the Eurofirst 300 is adding 0.6%. The largely positive mood comes in spite of a Eurozone services PMI pointing a slight slowdown in growth across the sector in July from the previous month. Nevertheless, retail sales within the currency-bloc rose by 0.4% in June from May although the overall rise was overshadowed by a slowdown in Spain and Portugal. The latest truce to take in hold in Gaza and the hopes of a permanent agreement to end the war is bolstering the broader sentiment which in turn is pushing 10-year Bund yields marginally higher.

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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.