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PVM Midday Report 23 October 2014

Published Thursday, October 23rd, 2014

Headlines

  1. Iraqi crude exports increase in September but revenues fall on lower prices
  2. Eurozone flash Composite PMI inches higher to 52.2 in September
  3. Euro-area businesses cut prices at fastest rate in close to five years
  4. Saudi oil output increases in Sep to 9.70 mbpd from 9.587 mbpd in Aug
  5. UK manufacturing orders post biggest monthly decline since July 2013

Fundamentals

Economy: European stocks are tracking heavy losses on Asian bourses as investors shrug off better-than-expected flash PMI data from the eurozone – the Eurofirst 300 easing 0.5%. The composite PMI for the currency-bloc pointed to a strengthening in business activity across the region after it rose slightly in October to 52.2 from 52 in September. However, the cautionary outlook remains as a closer look at the data highlights the mixed picture amongst euro-area members with France experiencing a slowdown in manufacturing activity. Moreover, the threat of deflation has once again reared its ugly head after it was revealed that prices are continuing their downward trajectory with businesses cutting prices at the fastest rate in almost five years.

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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.