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PVM Midday Report 30 October 2014

Published Thursday, October 30th, 2014


  1. US 3Q GDP growth exceeds forecasts at 3.5%
  2. Iranian oil revenues down 30% on falling energy prices
  3. German unemployment in surprise fall of 22,000 during October
  4. European Commission survey of economic confidence ticks higher in October
  5. Spanish GDP expands in 3Q although consumer prices fall


Economy: European stock bourses are slipping as investors digest the relatively hawkish tone from the Fed’s comments and reassess the time horizon for a normalisation of US interest rates – the Eurofirst 300 is easing 0.7%. The vote of confidence given to US economic growth prospects is lending support to the dollar index which is adding 0.4% to yesterday’s bounce of 0.7%.The bullish outlook is weighing on gold and bond markets with the yellow metal slipping $8 to a three-week low whilst benchmark Treasury yields have surged to a multi-week high of 2.36%.

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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.