Technical & Fundamental Oil Reports Specialists

Follow us

PVM Midday Report 08 July 2014

Published Tuesday, July 8th, 2014

Headlines

  1. German imports and exports in surprise m/m contraction in May
  2. UK manufacturing output unexpectedly slumps 1.6% in May
  3. Iraq bring next parliamentary session forward to July 13
  4. Libya reduces official selling price of its Es Sider crude grade in July
  5. World Bank forecasts 2014 China growth at 7.6%, easing to 7.5% in 2015

Fundamentals

Economy: European stocks are drifting further away from recent highs as investors assess equity valuations ahead of the start of the corporate earnings season and absorb a batch of disappointing economic numbers – the Eurofirst 300 is easing 0.5%. Sentiment across the Eurozone has been soured following yet more weak data from the region’s economic powerhouse as German trade figures revealed imports and exports declined by 3.4% and 1.1% respectively in May compared to April. Adding to the unexpected flavour of this morning’s data releases, UK manufacturing output slumped by 1.3% in May in what is the sharpest decline in 16-months. This comes in stark contrast to recent PMI readings of the sector which have been consistently reaching fresh multi-month highs.

to read the rest of the report, please click here 

Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.