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PVM Midday Report 21 August 2014

Published Thursday, August 21st, 2014

Headlines

  1. Eurozone Flash Composite PMI slips to 52.8 in August from 53.8 in July
  2. Oil flows along Iraqi Kurdistan pipeline resume after upgrade to increase capacity
  3. Exports of Nigerian Qua Iboe set to fall to 368,000 bpd in October from September
  4. Three senior Hamas figures killed by Israeli air strikes in Gaza

Fundamentals

Economy: European bourses are ticking higher as disappointing Chinese data and further evidence of Eurozone economic weakness fails to dampen the underlying bullishness – the Eurofirst 300 is climbing 0.4%. Furthermore, investors are shrugging off hawkish signals from the BoE and Federal Reserve which have raised the possibility of a sooner-than-expected ending to the ultra-accommodative monetary environment. However, the prospect of rising interest rates is lending support to the dollar index which is rapidly closing in a 12-month high. With levels of risk appetite remaining buoyant, highly-rated sovereign debt yields are a touch firmer whilst gold eases $12 to a two-month low of $1,280/oz.

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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.