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PVM Midday Report 29 October 2014

Published Wednesday, October 29th, 2014


  1. OPEC secretary-general sees oil market fundamentals largely unchanged
  2. US mortgage applications index falls 6.6% in the week to October 24
  3. German exports to Russia slump 26.3% in August from same period a year ago
  4. Iraqi forces make fresh attempt to recapture Baiji refinery
  5. ECB survey sees improving lending conditions in the three months to September


Economy: European equities are tracking a solid performance on Asian bourses as investors count on the Fed to strike a dovish tone regarding rising interest rates whilst also signalling the end of its bond-buying programme as its two-day policy meeting draws to a close. Expectations are that waning global growth prospects and deflationary risks posed by falling energy prices will bolster the Fed’s pledge to keep rates at historic lows for the foreseeable future. Investor optimism over the outcome of the Fed meeting is being illustrated by a 0.01% fall in benchmark Treasury yields which indicates markets are not expecting a rate hike anytime soon.

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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.