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Iraqi Parliament in deadlock

Published Tuesday, July 8th, 2014

Global stocks failed to build on last week’s solid gains as the combination of a lack of economic data releases and the imminent start of the quarterly earnings season weighed on risk appetite. The cautious mood was compounded by a surprise drop in German industrial production of 1.8% in May from April. This comes as a survey of investor morale across the Eurozone unexpectedly rose in July but failed to prevent a 0.9% drop on the FTSE Eurofirst 300. It was much the same on Wall St where the S&P 500 and Dow eased 0.4% and 0.3% respectively from record highs although the latter held above the 17,000 level.

The recent let-up in global geopolitical tensions is becoming increasingly threatened after pro-Moscow rebels erected barricades on the streets of Donetsk in preparation of making a stand against government forces. Meanwhile, the political situation in Iraq faced further paralysis as the country’s parliament postponed its next session for five weeks amidst ongoing disagreements between the various ethnic and sectarian groups.

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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.