PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
The ECB opted not to surprise the markets and duly kept interest rates on hold. However, indications that stimulus measures may be deployed as early as next month helped buoy equities across the euro-area. Meanwhile Janet Yellen played her part in underpinning sentiment by reiterating her dovish stance and stressing the importance of continued support for the US economy.
Despite the seemingly bullish mood, tensions surrounding the Ukrainian crisis were exacerbated by news that pro-Moscow separatists had ignored President Putin’s calls to postpone a Ukraine secession vote. The feeling of unease was compounded after Russia announced that it had expanded sanctions against the US and Canada. The upshot saw Wall St failing to build on recent momentum and ended the session mostly unchanged.
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