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PVM Midday Report 11 August 2014

Published Monday, August 11th, 2014

Headlines

  1. Libyan crude output at 450,000 bpd despite fresh clashes in Tripoli & Benghazi
  2. Speculators cut net length in ICE Brent by 23,344 lots in week to August 5
  3. Israel and Palestinians begin talks to end the Gaza conflict
  4. OECD warns of a slowdown in German economic growth momentum
  5. Reuters reports that Hess has suspended Iraqi Kurdistan operations

Fundamentals

Economy: European bourses are enjoying a relief rally as hopes of a de-escalation in geopolitical tensions and solid Chinese consumer confidence data boost risk appetite – the Eurofirst 300 is up 1%. Reports over the weekend that Russian troops have ended military drills close to the Ukrainian border and are returning to base is lifting investor sentiment. This in turn is bolstering demand for Russian assets as the rouble gains 0.6% versus the buck and Moscow’s Micex advances 1.9%. The broadly optimistic mood is undermining haven assets such as gold, which is down 0.1%, as well as benchmark Treasury and Bund yields which are adding 2bp and 1bp respectively.

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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.