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The only way is up, but for how long?

Published Tuesday, June 10th, 2014

The feel good factor underpinned by last week’s encouraging US jobs figures and ECB stimulus measures was maintained yesterday after bullish macroeconomic data from Asia further bolstered global growth prospects.  Investors welcomed the news that Japanese 1Q GDP growth was revised upwards whilst Chinese exports in May came in higher than expected. Moreover, the announcement by China’s central bank of a cut in the reserve requirement ratio should support sentiment in what is its latest attempt to boost waning economic growth.

The combination of an improving economic outlook and record low interest rates saw global equity markets edge higher into virgin territory with the Dow and S&P 500 ending at yet another record high. Hopes of an imminent resolution to the Ukrainian crisis should also continue to lend support to risk appetite with trilateral gas talks between Russia, Ukraine and the EU resuming later today.

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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.