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PVM Midday Report 02 October 2014

Published Thursday, October 2nd, 2014


  1. ECB keeps main interest rates on hold
  2. Iraqi crude exports averaged 2.542 mbpd in September
  3. Eurozone factory prices fall 0.1% August from July
  4. Russian oil production rises to 10.61 mbpd in September
  5. UK construction PMI jumps to eight-month high of 64.2 in September


Economy: European stocks are tracking overnight losses in Asia as traders’ attention turns to the latest efforts by the ECB aimed at reviving the region’s faltering economic recovery – the Eurofirst 300 is easing 0.4%. The eurozone’s central bank left key interest rates unchanged but markets are expecting to be left underwhelmed by the size of its latest asset-buying programme due to start this month. Fresh evidence of falling prices across the currency bloc was laid bare this morning after factory prices slipped by 0.1% in August from July and follows on from the release of soft inflation and weak manufacturing data earlier in the week. The tentative mood is keeping benchmark Bund yields at close to record lows below 1% whilst equivalent US Treasury yields are steady after having dropped the most in a year during the previous session.

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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.