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PVM Midday Report 22 May 2014

Published Thursday, May 22nd, 2014

1.)   Chinese and Japanese May factory PMIs are up but still below 50

2.)   Eurozone May composite PMI is at 53.9 up from 54.0 in April

3.)   NATO sees possible Russian troop withdrawal from Ukrainian border

4.)   Greek April current account deficit was €44 million

Economy: Fed induced stock market rally from yesterday continued somewhat this morning as the Far Eastern PMI figures were seen as supportive for stocks. The Nikkei 225 index finished the day more than 2% up whilst the Shanghai Composite Index lost a bit but at one stage it was as high as 0.8% above yesterday’s close. In Europe the main stock indices are all up between 0.1% and 0.3% as the continent’s service industry is on the path of growth.

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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.