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PVM Midday Report 03 September 2014

Published Wednesday, September 3rd, 2014

Headlines

  1. Kiev announces cease-fire deal agreed with Russia
  2. Eurozone business activity growth rate slips to eight-month low in August
  3. Britain’s North Sea Buzzard oilfield remains offline
  4. Euro-area retail sales decline 0.4% m/m in July
  5. US mortgage applications index rises 0.2% in week to August 29

Fundamentals

Economy: European stocks are surging higher as reports of an agreement between Russia and Ukraine on a permanent cease-fire bolsters levels of risk appetite – the Eurofirst 300 is gaining 0.9%. Russian assets are also rallying on the prospect of peace in eastern Ukraine with the rouble climbing 1.5% against the dollar and Moscow’s Micex adding 2.6%. The slew of feeble eurozone economic data showed no sign of abating after a composite PMI reading revealed that business activity across the region grew at its slowest rate this year in August. Moreover, the ECB will have to contend with disappointing retail sales figures which recorded a sharp m/m slowdown in July when contemplating the option of further monetary support at tomorrow’s policy meeting. With investor sentiment now largely immune to the seemingly unending run of weak eurozone data, the broader mood is mostly upbeat which in turn is sending perceived havens lower.

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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.