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PVM Midday Report 08 October 2014

Published Wednesday, October 8th, 2014


  1. IMF cuts 2014 eurozone growth forecast to 0.8%, puts risk of recession at 40%
  2. US mortgage applications index jumps 3.8% in the week to October 3
  3. Iranian nuclear negotiations set to take place next week
  4. OPEC basket price falls below $90 for the first time since June 2012


Economy: European bourses are tracking yesterday’s heavy losses as concerns over waning global growth prospects further undermine already meek levels of risk appetite – the Eurofirst 300 is easing 0.5%. The IMF’s bi-annual World Economic Outlook has confirmed the dire situation faced by the eurozone economy after it trimmed its 2014 growth forecast for the region to 0.8% from a previous estimate of 1.1%. Moreover, following on from the recent batch of weak German economic data, it put the likelihood of the currency-bloc entering a third recession as high as 40%. Adding to the tentative mood are fears that the latest US quarterly corporate earnings reports which are due to kick off later today will be poorly received by the markets.

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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.