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PVM Midday Report 19 August 2014

Published Tuesday, August 19th, 2014

Headlines

  1. UK inflation rate slips to near five-year low of 1.6% in July
  2. Iraqi forces launch operation against Islamic militants in Tikrit
  3. Fresh clashes between rival militiamen take place in Tripoli
  4. Reuters reports that Lukoil ships its first cargo from Iraq’s West Qurna-2 oilfield

Fundamentals

Economy: European stocks are maintaining their upward momentum as waning Ukraine/Russia tensions continues to lift investor sentiment – the Eurofirst 300 is advancing 0.4%. The improved levels of risk appetite is suppressing demand for perceived havens with benchmark Bund and Treasury prices slightly softer although gold is recovering at just above $1,300/oz. A gauge of emerging market stocks, led by Moscow’s Micex index which is up 0.7% to a one-month high, is heading for its highest close since January 2013. The dollar index is adding 0.1% as it tentatively nears a nine-month high whilst focus shifts to the release of US inflation figures later today.

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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.