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PVM Midday Report 21 January 2015

Published Wednesday, January 21st, 2015

Headlines

  1. Iraq oil minister claims oil prices have bottomed out, prices unlikely to go lower
  2. Russian oil output may decline by up to 1 mbpd this year
  3. Oman oil minister criticises OPEC production policy, says country is suffering
  4. Russia’s Lavrov sees deal on disputed Iranian nuclear programme by end of June
  5. UK jobless rate slips to 5.8% in November, weekly wage growth rises 1.8%

Fundamentals

Economy: European stock indices are steady at just below multi-year highs as traders keep their gunpowder dry ahead of tomorrow’s highly-anticipated ECB policy meeting – the Eurofirst 300 is easing 0.2%. Risk assets have rallied in recent days on growing optimism that the ECB will announce a quantitative easing programme in order to boost ailing eurozone growth and ward off deflationary pressures. However, risk appetite is taking a back seat as investors adopt a wait-and-see approach as to whether the ECB stimulus package meets market expectations. This element of caution is being reflected by robust demand for haven assets such as the yen which is adding 0.9% against the buck and gold which is climbing above $1,300/oz.

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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.