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PVM Midday Report 06 October 2014

Published Monday, October 6th, 2014


  1. German factory orders suffer biggest monthly decline in August since Jan 2009
  2. Eurozone gauge of investor sentiment falls to lowest level since May 2013
  3. Euro-area retail PMI reading for September dips to 17-month low
  4. Brazilian crude production climbs 16.1% in August from a year earlier to 2.90 mbpd


Economy: European equities are recovering from a dismal week after the latest evidence of persistent weakness in the eurozone’s economy bolsters hopes of further ECB stimulus – the Eurofirst 300 is advancing 0.4%. Disappointing German factory data is weighing on sentiment as orders in August fell by a much worse-than-expected 5.7% and represents the biggest month-on-month decline since early 2009. Adding to the sour tone was a survey of investor sentiment across the currency-bloc which suffered its third consecutive monthly decline in October, falling to its lowest level in 17 months.  Although “the bad news is good news” philosophy is lending support to risk appetite, highly-rated government debt continues to be in strong demand with yields on benchmark German Bunds easing two basis points to close to record lows.

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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.