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PVM Midday Report 27 October 2014

Published Monday, October 27th, 2014

Headlines

  1. German business confidence slumps to 22-month low in October
  2. Deutsche bank trims 2015 Brent and WTI price forecasts to $88.75 & $80.50 bbl
  3. ICE Brent speculators cut net length by 7,127 lots in week to October 21
  4. Upgrade works will raise Kurdish oil pipeline capacity to 400,000 bpd by year-end
  5. Lending to euro-area households and private companies declines in September

Fundamentals

Economy: European stocks are paring early gains as investors overlook the largely encouraging ECB stress test results and turn their attention to the growing concerns of a slowdown in Europe’s largest economy. Fears that Germany has fallen back into recession are being compounded by a survey of business confidence which registered its sixth consecutive monthly fall in October. Adding to the cautionary tone are figures revealing that lending to households and private sector enterprises across the eurozone declined in September for the 29th month in a row.

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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.