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Scepticism is spreading in Europe

Published Tuesday, May 27th, 2014

An eventful long weekend saw Eurosceptic nationalists across the EU rock the boat after they recorded a string of stunning victories in the European Parliamentary elections. Notable gains for anti-EU parties, particularly within Britain and France, have served to highlight the growing discontent over immigration as well as austerity and leaves Brussels facing a giant policy dilemma.

Despite the uncertainty over future EU policy-making triggered by the election results, European equity markets extended last week’s bull run and edged higher on Monday. The cause for the broadly upbeat mood can be traced to the latest developments in Ukraine and Thailand where geopolitical tensions appear to have eased.

The markets responded positively to Petro Poroshenko’s emphatic victory at the Ukrainian presidency election who has vowed end the war with pro-Russian separatists in the east of the country. News that the military leader of the recent Thai coup had been endorsed by the royal family also helped soothe investor concerns of further instability. However, the situation in Libya continues to pose a threat to risk appetite after the leader of the protesters occupying Libyan oil ports reiterated his refusal to recognise the new government and indicated that it could jeopardise the recent deal to end the blockade.

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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.