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PVM Midday Report 22 October 2014

Published Wednesday, October 22nd, 2014

Headlines

  1. Libya’s OPEC governor has called for the cartel to cut output by at least 500,000 bpd
  2. Spanish news agency claims minimum of 11 eurozone banks to fail latest stress tests
  3. Nigeria raises November OSP of its Bonny Light oil grade to Dated Brent +$1.20/bbl
  4. US mortgage applications index rises 11.6% in week ending October 17
  5. Latest BoE minutes reveal 7-2 split in favour of keeping rates on hold

Fundamentals

Economy: European equities are slightly weaker despite a strong rebound in risk appetite over the last few sessions as concerns over Chinese growth prospects undermines investor confidence – the Eurofirst 300 is slipping 0.1%. Figures highlighting that China’s economy grew at its slowest pace in 3Q since early 2009 are countering the bounce enjoyed by risk assets in recent days from well-received US corporate earnings and hopes of extended central bank largesse. Adding to the feeling of unease are reports from a Spanish news agency that preliminary data has revealed that a minimum of 11 banks across the eurozone have failed the latest series of stress tests.

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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.