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PVM Midday Report 31 October 2014

Published Friday, October 31st, 2014

Headlines

  1. Euro-area inflation rate ticks 0.1% higher to 0.4% in October
  2. Russian central bank increases benchmark interest rate by 1.5% to 9.5%
  3. Eurozone unemployment rate steady at 11.5% for third consecutive month
  4. German retail sales suffer 3.2% m/m slump in September
  5. Kazakhstan oil production may hit 100 million tonnes by 2023

Fundamentals

Economy: Europeans equities are surging higher as investors welcome the decision by the Bank of Japan to expand its stimulus programme as it continues in its quest to stoke inflation – the Eurofirst 300 is advancing 1.5%. The unexpected move is sending ripples across global markets with risk appetite receiving a boost and concerns over the fallout from the conclusion of the Fed’s own bond-buying programme dissipating. The risk-on mood is weighing on debt markets with benchmark Treasury yields adding two basis points whilst the strengthening US economy continues to lend support to the dollar index which is climbing 0.6%.

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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.