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PVM Midday Report 09 October 2014

Published Thursday, October 9th, 2014

Headlines

  1. OPEC basket price falls to lowest level since December 2010
  2. German exports plummet 5.8% in August, steepest fall since Jan 2009
  3. Bank of England keeps its key interest rate unchanged at 0.5%
  4. Suicide bomber kills at least 42 in Yemeni capital
  5. United Nations index of world food prices slips to four-year low in September

 

Fundamentals

Economy: European equities are rebounding from two consecutive days of heavy losses as they take their cues from a relief rally on Wall St following the release of dovish Fed minutes – the Eurofirst 300 is climbing 0.2%. The uptick in risk appetite comes in spite of further evidence of German economic weakness after figures revealed its exports shrank by 5.8% in August in what was the steepest monthly decline since early 2009. Nevertheless, concerns that Europe’s biggest economy is on the verge of recession are being shrugged-off as investors take heart from the latest Fed minutes which highlighted caution among several FOMC members of slower-than-anticipated economic growth.

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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.