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PVM Midday Report 15 August 2014

Published Friday, August 15th, 2014

Headlines

  1. Output from Iraqi Kurdistan’s largest oilfield set to rise by 16,500 bpd
  2. South Sudan government troops and rebels clash in oil producing area
  3. Iraq’s incumbent Prime Minister Nouri al- Maliki agrees to step aside
  4. UK 2Q GDP growth confirmed at 0.8%; takes annual growth to highest level since 2007

Fundamentals

Economy: European stocks look set to rebound from a two-week slide as waning geopolitical concerns and expectations of ongoing central bank support bolsters risk appetite – the Eurofirst 300 is up 0.7%. Investors are continuing to digest the recent slew of poor economic data from the Eurozone and the ensuing hopes for a deployment of further stimulus measures by the ECB is undermining haven assets. Benchmark German Bund yields are steady at just above 1% whilst the Japanese yen is slightly weaker against the buck, having lost 0.5% since August 8. Moreover, geopolitical tensions have been placed on the backburner as journalists were given a tour of the Russian aid convoy destined for Ukraine and Iraq’s incumbent PM heeded calls to step down.

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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.