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PVM Midday Report 23 September 2014

Published Tuesday, September 23rd, 2014

Headlines

  1. Eurozone composite PMI slips to 2014 low in September
  2. Crude exports from Iraq’s southern terminals rise this month to average of 2.58 mbpd
  3. UAE energy official deems current oil prices to be fair
  4. Israel shoots down Syrian aircraft over Israeli airspace

Fundamentals

Economy: European equities are slipping as investors digest the latest sign of a slowdown in business activity across the eurozone– the Eurofirst 300 is down 1.1%. The disappointing PMI composite reading for the currency-bloc as a whole fell to a 2014 low of 52.3 in September from 52.5 in August and confirms the struggling nature of the region’s economic recovery.  Special attention was given to France after its individual PMI composite figure pointed to a deeper fall into contraction territory. The downbeat figures blighting the euro-area are countering better-than-expected manufacturing PMI data from China. Its September reading rose to 50.5 from 50.2 in the previous month and will provide an element of relief to the country’s policymakers given the recent slew of soft economic data.

to read the rest of the report, please click here 

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.