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PVM Midday Report 03 October 2014

Published Friday, October 3rd, 2014

Headlines

  1. Euro-area retail sales unexpectedly rebound 1.2% in August
  2. Eurozone private sector activity growth eases to 2014-low in September
  3. UK services PMI slips to three-month low of 58.7 in September
  4. Russia’s oil and gas output rises 0.7% y/y during Jan-Sep 2014

Fundamentals

Economy: European stock markets are rebounding from yesterday’s sell-off ahead of what is expected to be a robust US jobs report and a confirmation of a strengthening labour market in the world’s biggest economy. Expectations are high following encouraging US jobless claims data for the latest week and forecasts are for a resumption in +200,000 monthly job additions in September after an unexpectedly weak showing for August. The mildly risk-on mood comes in spite of yet more downbeat data from the eurozone which revealed that business growth eased in September to its weakest this year. These disheartening figures were mirrored in the UK after its own services PMI reading slipped over the same period to a three-month low of 58.7.

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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.