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PVM Midday Report 04 September 2014

Published Thursday, September 4th, 2014


  1. ECB cuts benchmark interest rate to 0.05%
  2. German industrial orders rebound 4.6% in July from June
  3. Britain’s North Sea Buzzard oilfield resumes production
  4. Bank of England leaves monetary policy on hold
  5. Kurdish officials claim repairs to Baiji refinery will take at least a year to complete


Economy: European bourses are ticking higher as investors absorb the unexpected cut by the ECB of its benchmark interest rate to 0.05% – the Eurofirst 300 is climbing 0.2%. Encouraging data from the eurozone’s engine economy is also lending support to the broadly upbeat mood after German industrial orders for July surpassed expectations, jumping 4.6% from June to their highest level for more than a year. Moreover, increasing prospects of a de-escalation in the Ukrainian crisis are having a positive impact on sentiment which in turn are helping risk appetite levels to recover. The surprising move by the ECB is pushing the single currency to a one-year low against the dollar while sovereign debt yields of member countries slip further

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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.