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PVM Midday Report 08 January 2015

Published Thursday, January 8th, 2015


  1. German industrial orders decline by 2.4% in November from October
  2. OPEC crude basket slips to lowest level in almost six years at $44.85/bbl
  3. Euro-area producer prices fall 1.6% y/y in November to weakest level in eight months
  4. Eurozone retail sales rise 0.6% m/m in November
  5. Bank of England keeps monetary policy on hold


Economy: European equities are adding to yesterday’s gains as fresh signs of economic weakness from the eurozone’s engine economy reinforce expectations that the ECB will soon undertake government-bond purchases – the Eurofirst 300 is surging 1.9%. German growth prospects suffered a setback after figures revealed that industrial orders fell by a more-than-expected 2.4% in November from the previous month. Meanwhile, there has been further evidence of a slowdown in price growth across the currency-bloc as producer prices slipped 1.6% y/y in November to their weakest level in eight months. There was one bright spot in the form of a forecast-beating rise in euro-area retail sales in November, climbing 0.6% compared with October, but contributed little to the risk-on mood as hopes of ECB support continued to overwhelmingly underpin the bullish sentiment.

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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.