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PVM Midday Report 13 January 2015

Published Tuesday, January 13th, 2015

Headlines

  1. Deutsche Bank trims average 2015 prices for Brent & WTI to $59.40 & $55.40 bbl
  2. UAE oil minister claims OPEC will stick to its strategy of not supporting oil prices
  3. Iran’s President warns OPEC’s Gulf members that they will suffer from oil slump
  4. UK inflation rate dips to 0.5% in December; lowest level since May 2000
  5. Greek consumer prices decline by a more-than-expected 2.5% in December

Fundamentals

Economy: European stocks are decoupling from sliding oil prices as increasing deflationary pressures bolsters hopes that the ECB will soon expand stimulus in order to support the region’s embattled economy – the Eurofirst 300 is adding 1.1%. The extent of deflation across the currency-bloc was highlighted by figures showing that the pace in decline of Greek consumer prices accelerated to -2.5% in December. The UK also contributed to concerns of waning prices after its inflation rate fell to a 15-year low of +0.5% during the same month which subsequently sent the pound close to an 18-month low against the dollar. Macro data releases are thin on the ground with only figures showing that Italian industrial production ticked 0.3% higher m/m in November having a muted effect on sentiment. Although equities are firmer on the prospect of ECB largesse, the mood remains largely cautious with highly-rated sovereign bonds making notable headways.

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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.