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PVM Midday Report 23 January 2015

Published Friday, January 23rd, 2015


  1. Eurozone flash manufacturing PMI rises to 51 in January from 50.8 in December
  2. Russian PM orders review of oil and oil related products’ export duties
  3. Yemen declares force majeure on LNG exports from its Balhaf plant
  4. UK retail sales post unexpected gain of 0.4% in December


Economy: European equities are extending recent gains as yesterday’s decision by the ECB to expand its stimulus programme continues to reverberate across global markets – the Eurofirst 300 is surging 2%. The QE package announced by Mario Draghi surpassed expectations and the prospect of enhanced liquidity is supporting investor sentiment which in turn is bolstering demand for risk assets. The anticipated fallout from impending government-debt purchases is sending euro-area member countries’ bond yields, including Germany, Italy and Spain, to fresh lows. Moreover, news of ECB action continues to weigh on the single-currency as it slips another 1.7% to below $1.12 for the first time since November 2003. Euro weakness is helping the dollar index gain 1.1% to a fresh eleven-year high while gold retreats $6 to $1,295oz.

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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.