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PVM Midday Report 02 September 2014

Published Tuesday, September 2nd, 2014

Headlines

  1. Eurozone producer prices fall 0.1% in July against June
  2. Russian daily oil output up 1.2% to 10.52 mbpd in August from July
  3. UK construction output growth at seven-month high in August
  4. North Sea Buzzard oilfield production expected to resume later today
  5. EU mulls fresh sanctions against Russia, decision expected on Friday

Fundamentals

Economy: European stocks are firmer as investors bet on fresh stimulus from the ECB following yesterday’s weak eurozone manufacturing data – the Eurofirst 300 is advancing 0.2%. Further bolstering the case for additional monetary support and another indication of a slowdown across the currency-bloc are figures pointing to a 0.1% fall in producer prices in July from June. The ensuing rise in risk appetite comes at the expense of haven assets with the yen 0.5% softer against the buck and gold falling 1% to $1,270/oz. Gains to the US dollar are widespread as speculation of ECB action keeps pressure on the euro and news of increasing support for Scottish independence triggers a 0.5% fall in the pound sterling.

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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.