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PVM Midday Report 05 January 2015

Published Monday, January 5th, 2015


  1. Citi trims 2015 Brent and WTI average prices to $63 & $55/bbl respectively
  2. Iranian oil minister sees oil prices fluctuating between $70-$90/bbl in coming months
  3. Greek oil tanker hit by aircraft strike at Libyan port of Derna
  4. Consumer price growth declines across five German states in December
  5. Sentix gauge of eurozone investor sentiment rebounds into positive territory in January


Economy: European stocks are starting the first full trading week of 2015 on the back foot as oil prices continue their downward slide and investors fret over a potential “Grexit”– the Eurofirst 300 is slipping 0.5%. Uncertainty over the outcome of Greece’s upcoming election is undermining risk appetite across the bloc as markets weigh the likely fallout should anti-austerity parties make significant gains. The sour mood is denting demand for the euro which has slipped below $1.20 to its lowest level since 2006 whilst benchmark borrowing costs for euro-periphery members are ticking higher. Adding to the single-currency’s woes is evidence of slowing German inflation during December which will compound existing expectations that the ECB will announce a programme of full-blown QE at its policy meeting later this month.

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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.