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Apart from Eastern Europe the world looks healthy

Published Tuesday, March 4th, 2014

Global economic data has been swept aside as the Russian military troops’ movements into Ukraine took centre stage. The bearish economic impact of this step was recognized belatedly yesterday and stock markets would have registered gains on the day if it had not been for the Ukrainian crisis. Although the expansion of the manufacturing sector in the Eurozone somewhat slowed in February, it accelerated in the UK and the US. The global manufacturing PMI index published by JPMorgan inched up to 53.3 in February from 53.0 in January. It provided support for further stock market strength but it was not to be.

Apart from oil risk was turned off yesterday

Think of the Gulf Wars, Afghanistan, the Balkan crisis, the Arab Spring or the Rwandan genocide. Wars triggered by ethnic tensions, religion, control over raw materials or personal ambitions to grab or remain in power have been happening ever since the Iron Curtain came down in 1989. The latest and unfortunate events in Ukraine, however, are something we probably have not experienced since 1968 when the Soviet Union invaded Czechoslovakia. We have not seen a world power sending military troops to a neighbouring country for the last 40-50 years.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.