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PVM Midday Report 08 September 2014

Published Monday, September 8th, 2014


  1. EU implements fresh sanctions against Russia; Ukraine ceasefire holding
  2. Eurozone gauge of economic sentiment for September falls to 14-month low
  3. German exports surge 4.7% in July, pushes trade surplus to record high
  4. Reuters survey puts average OPEC members’ budget needs at $106/bbl
  5. ICE Brent speculators cut net length by 2,012 lots in week to September 2


Economy: European equities are slipping as investors fret over the upcoming vote on Scottish independence and absorb the latest disappointing gauge on eurozone consumer sentiment– the Eurofirst 300 is down 0.8%. A poll putting the Scottish ‘Yes’ vote ahead of those in favour of staying in the Union has triggered a bout of risk aversion which is sending sterling down more than 1% against the buck to a 10-month low. Meanwhile, markets are having to digest the latest sign of a fall in economic sentiment across the euro-area after the Sentix index for September fell to its lowest level since July 2013. Conversely, German exports recorded a strong jump of 4.7% in July which helped push its monthly trade surplus to a record €22.2 billion although the OECD has once again warned that the eurozone’s biggest economy is showing signs of a slowdown in growth momentum

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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.