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PVM Midday Report 29 August 2014

Published Friday, August 29th, 2014

Headlines

  1. Eurozone inflation rate slows to a five-year low of 0.3% in August
  2. Uganda’s estimated oil reserves revised upwards by 85% to 6.5 billion bbls
  3. Russian Foreign Minister says no proof that its forces are fighting in Ukraine
  4. Euro-area unemployment rate holds steady at 11.5% in July
  5. Reuters poll sees Brent and WTI averaging $105.30 and $98.50 in 2015

Fundamentals

Economy: European stocks are making tentative gains as investors digest the latest inflation figures from the eurozone and contend with lingering concerns over the Ukrainian crisis – the Eurofirst 300 is adding 0.2%. Eagerly awaited inflation data revealed a further slowdown in prices across the euro-area as the headline rate slipped to a five-year low of 0.3% in August. Although the figures were disappointing, they came in line with expectations and have failed to shed light on the potential for ECB action at its next meeting. Unemployment data from the currency-bloc was more benign after it confirmed that the jobless rate remained unchanged in July from June at 11.5%.

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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.