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PVM Midday Report 01 September 2014

Published Monday, September 1st, 2014

Headlines

  1. Eurozone manufacturing PMI slips to 13-month low in August
  2. Russian diesel exports from Primorsk set to increase by 7.5% in September from August
  3. Britain’s North Sea Buzzard oilfield shuts down again
  4. August UK manufacturing PMI hits 14-month low
  5. China cuts retail fuel prices by 1%

Fundamentals

Economy: European bourses are starting the month on a tentative note as investors pare bets ahead of this week’s ECB policy meeting and await developments regarding the Ukrainian crisis – the Eurofirst 300 is up 0.1%. With little sign of a lessening in the warnings and accusations being exchanged between Russia and Ukraine, sentiment is being further undermined by the latest release of downbeat data from the euro-area. Taking its cues from a disappointing Chinese reading, the Eurozone manufacturing PMI slipped to a 13-month low of 50.7 in August and just about remained in expansion territory. Moreover, despite recently enjoying a resurging economy, the UK posted similarly disappointing manufacturing figures after its equivalent reading for the same period fell to a 14-month low.

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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.