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PVM Midday Report 26 August 2014

Published Tuesday, August 26th, 2014

Headlines

  1. Russian exports of Urals set to increase by 15% in September from August
  2. Iran completes oil export terminal upgrade; sees current  oil prices as appropriate
  3. Russia halves its 2015 GDP growth forecast to 1%
  4. Iraqi Kurdistan reveals that Iran supplied its forces with weapons

Fundamentals

Economy: European equities are pausing for breath following yesterday’s jump as investors rein in their excitement over the prospect of further monetary support from the ECB – the Eurofirst 300 is up 0.1%. The growing belief that Mario Draghi will be forced to deploy additional stimulus is sending both core and periphery bond yields across the currency-bloc to fresh lows for a second day. Meanwhile, the contrasting economic fortunes of the US and Eurozone along with the meagre returns offered by euro-area debt is bolstering demand for benchmark Treasuries whose yields are being pushed 2 bp lower.

to read the rest of the report, please click here 

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.