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PVM Midday Report 24 October 2014

Published Friday, October 24th, 2014


  1. Iraqi crude exports from its southern terminals stay close to record high
  2. UK economy expands 0.7% in 3Q, 0.2% down on previous quarter
  3. Kurdish oil exports via Ceyhan may have risen 20,000 bpd to 200,000 bpd
  4. Italian retail sales slip 0.1% during August in fourth consecutive monthly decline
  5. Oil exploration consortium finds small oil field near Gatwick airport


Economy: European bourses are ending a week of substantial gains on a sour note with investor confidence suffering from news that a doctor in New York returning from west Africa has been diagnosed with Ebola – the Eurofirst 300 is slipping 0.2%. Risk assets have rallied in recent sessions as a result of seemingly improving macro conditions in the eurozone and better-than-expected US earnings report. However, with risk aversion firmly in retreat, perceived havens are attracting high levels of demand. Benchmark US Treasury yields are a touch softer at 2.25% whilst the yen is 0.1% firmer against the dollar. German Bund yields are down four basis points with traders across the currency-bloc displaying caution ahead of the latest ECB stress test results due this weekend.

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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.