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PVM Midday Report 12 September 2014

Published Friday, September 12th, 2014

Headlines

  1. Eurozone industrial output rebounds 1% in July from June
  2. OPEC’s crude basket price falls to lowest level since July 2012
  3. Slovak gas importer reports 10% fall in Russian supplies
  4. Unionists build on lead over separatists in Scottish independence poll

Fundamentals

Economy: European stocks are ending the week in a paralysed state as investors keep their gunpowder dry ahead of next week’s Federal Reserve meeting – the Eurofirst 300 is unchanged. Adding to the cautionary note are the latest sanctions announced by the West against Russia and the ensuing threats of retaliation made by the latter. The rouble has subsequently slipped 0.3% to a fresh record low against the dollar although Moscow’s Micex is advancing 0.9%. Benchmark US Treasuries yields are adding 3 bp to a six-week high and the dollar index is steady at close to a one-year high on expectations of hawkish signals from the forthcoming Fed policy meeting.

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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.