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PVM Midday Report 12 August 2014

Published Tuesday, August 12th, 2014


  1. IEA trims 2015 global oil demand growth forecast by 90,000 bpd to 1.32 mbpd
  2. Russia sends humanitarian aid convoy to eastern Ukraine
  3. German gauge of investor morale falls sharply in August
  4. Portugal’s annual inflation rate in further decline of 0.9% in July
  5. Libyan parliament agrees to direct presidential elections


Economy: The rally which has lifted European equities looks to be running out of steam as lingering geopolitical concerns and downbeat data from Germany triggers a bout of risk aversion – the Eurofirst 300 is flat. The cautionary mood comes amid ongoing uncertainty over the Russia-Ukraine crisis despite hopes of an easing in tensions after the decision by the former to send a humanitarian aid convoy into eastern Ukraine. Further adding to the sour tone is the sharp fall in a measure of German economic sentiment which slipped to its lowest level in August since December 2012. Meanwhile deflation fears across the Eurozone have returned to the fore after Italy’s inflation rate was confirmed at its lowest level in July since 2009 whilst the fall in inflation in Portugal picked up pace during the same period.

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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.