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PVM Midday Report 09 January 2015

Published Friday, January 9th, 2015


  1. Average US oil rig count at 1,882 in December, down from 1,925 in November
  2. German exports slump 2.1% month-on-month in November
  3. UK construction output & industrial production down 2% & 0.1% in November
  4. Entire oil complex eases into contango for the first time in six years


Economy: European stock bourses are paring some of their recent gains as investors err on the side of caution ahead of an update on the health of the US labour market – the Eurofirst 300 is easing 0.5%. Levels of risk appetite are subdued as the markets tentatively await the release of the December US non-farm jobs report where expectations are for a net addition of 240,000 jobs and a 0.1% fall in the unemployment rate to 5.7%. The hesitant mood is weighing on the dollar index which is slipping 0.2% from its highest level since November 2005 which in turn is bolstering demand for the yellow- metal, the latter adding 0.3%. Perceived havens are profiting from the air of uncertainty as benchmark Bund and Treasury yields dip 0.01%.

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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.