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PVM Midday Report 28 October 2014

Published Tuesday, October 28th, 2014


  1. Barclays trims average 2015 Brent & WTI price estimates to $93/bbl & $85/bbl
  2. Protests end at Libya’s eastern port of Brega following agreement with Sirte Oil Company
  3. Algeria’s Sonatrach raises November OSP for Saharan crude to Dated Brent plus 70 cents
  4. Italian business confidence unexpectedly rises in October
  5. Sweden’s central bank cuts benchmark interest rate to record low of 0%


Economy: European stock indices are enjoying a rebound as investors absorb some well-received corporate results and price-in a dovish conclusion to the Federal Reserve’s policy meeting – the Eurofirst 300 is climbing 1%. Risk appetite is gaining support from expectations that the Fed will finish its programme of monthly asset purchases whilst making sure to soothe market concerns over the timing of interest rate rises. Growing deflationary pressures driven in part by the recent slump in energy prices are bolstering hopes that central banks will maintain the current low rate environment.  The latest example highlighting this line of thought is Sweden’s Riksbank who surprised markets with a 0.25% cut to its benchmark interest rate to a record low of 0%.

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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.