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PVM Midday Report 14 January 2015

Published Wednesday, January 14th, 2015


  1. European Court of Justice rules anticipated ECB QE programme legal “in principle”
  2. Eurozone industrial production beats estimates at +0.2% m/m in November
  3. French inflation rate slip to six year low of +0.1% in December
  4. US mortgage applications index surges 44.1% in week to January 9
  5. Slumping oil prices drives 0.6% 3Q GDP growth across OECD area


Economy: European stock indices are tracking sliding commodity prices as investors absorb the latest warnings on fading eurozone and Asian growth prospects from the World Bank – the Eurofirst 300 is down 0.7%. Risk appetite is firmly on the back foot after the World Bank downgraded its predicted global growth for this year to 3% from a previous estimate of 3.4%. Concerns that waning growth will undermine demand for industrial metals has prompted copper, lead and zinc prices in joining falling energy prices. Losses to the region’s equities are however being limited after a major hurdle to the ECB’s anticipated programme of government-bond purchases was removed following the European Court of Justice’s ruling that such actions would be legal. This is failing to lend support to the embattled single-currency which is slipping 0.2% against the dollar as is the muted response to forecast-beating eurozone industrial production figures.

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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.