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PVM Midday Report 22 August 2014

Published Friday, August 22nd, 2014

Headlines

  1. Russian aid trucks enter Ukraine without prior permission from Kiev
  2. Iraqi and Kurdish forces attempt to recapture two ISIS-held towns in northern Iraq
  3. Oil tanker loads second cargo at Libya’s Es Sider port
  4. Indian refiners processed 5.5% less crude in July than the same period a year ago

Fundamentals

Economy: European stocks are failing to take their cues from yet another record close on Wall St as investors display restraint ahead of Janet Yellen’s speech at Jackson Hole – the Eurofirst 300 is down 0.4%. Expectations are for her to maintain a dovish stance whilst also highlighting the gradual improvement of the US economy. The combination of trader wariness and hopes of an extended period of low interest rates is sending yields on benchmark US Treasuries slightly lower while the dollar index holds steady at close to a 12 month high. After a lull in geopolitical concerns, there are fears that tensions may reignite after Russian aid trucks entered Ukraine under the supervision of pro-Moscow rebels

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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.