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PVM Midday Report 28 August 2014

Published Thursday, August 28th, 2014

Headlines

  1. President Poroshenko claims Russian forces have made incursions into Ukraine
  2. German unemployment rises slightly in August, rate holds steady at 6.7%
  3. Eurozone gauge of economic sentiment falls to eight-month low in August
  4. Exports of West African crude to Asia set to rise to 2 mbpd in September

Fundamentals

Economy: European bourses are ticking lower as investors fret over an escalation in the Ukrainian crisis and reports that ECB will not be taking action at its next monetary policy meeting – the Eurofirst 300 is easing 0.6%. Levels of risk appetite are waning after Ukraine’s President claimed that Russian forces have made incursions into south-eastern parts of the country. The rise in tensions is undermining Russian assets with Moscow’s Micex shedding 1.8% whilst the rouble slips to a five-month low versus the dollar. Further compounding the cautionary environment is yet more downbeat data from the eurozone. German unemployment unexpectedly ticked slightly higher in August and loans to the private sector across the region fell 1.6% y/y in July. Moreover, the impact of lingering worries over Ukraine on the currency-bloc were highlighted after a gauge of economic sentiment fell to its lowest level in eight months

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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.