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PVM Midday Report 13 August 2014

Published Wednesday, August 13th, 2014


  1. Eurozone industrial production slips 0.3% in June from May
  2. Iraqi exports of Basra Light set to rise by 200,000 bbls to 2.4 mbpd in Sep vs Aug
  3. UK jobless rate shrinks to 6.4% in three months to June, Q2 wage growth declines 0.2% y/y
  4. US mortgage applications index drops 2.7% in week to August 8
  5. French consumer prices fall 0.3% in July from the previous month


Economy: European bourses are shrugging off a slew of disappointing economic data from Asia and the Eurozone as hopes of ongoing loose monetary policy supports the underlying bullish sentiment – the Eurofirst 300 is up 0.4%. The positive mood comes as figures reveal euro-area industrial production slipped 0.3% m/m in June as the economic recovery continues to struggle along. Further evidence of deflation, this time from France which experienced a 0.3% fall in consumer prices in July, has reignited fears of the risks that deflation could pose to the region’s recovery. Waning geopolitical concerns regarding the Ukrainian crisis is helping Moscow’s Micex to advance 1.4% although the rouble is easing 0.6% versus the dollar.

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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.