Technical & Fundamental Oil Reports Specialists

Follow us

OECD spoils the party

Published Wednesday, May 7th, 2014

A fresh round of well-received PMI readings and strong retail data from the Eurozone initially lifted market sentiment. However, the optimistic mood was short-lived. The OECD wielded the axe in its latest twice-yearly Economic Outlook report in which it cut its global growth forecast for 2014 to 3.4% from 3.6% previously. Special attention was given to China and Russia whose anticipated growth was revised downward by 0.8% and 1.8% respectively.

The knock to global growth prospects undermined appetite for risk assets and precipitated a broad decline in global equities. The feeling of unease was compounded by the escalating violence in Ukraine which has so far experienced its deadliest week since the separatist uprising began. Geopolitical concerns and renewed valuation doubts on Wall St eventually saw the Dow shed 0.8% whilst the S&P slipped 0.9%.

to read the rest of the report, please click here 

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.