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Risk assets surge on

Published Wednesday, July 2nd, 2014

The third quarter got off to a positive start after the release of sturdy global manufacturing data buoyed risk appetite and triggered a rally on stock markets around the world. Asia got the feel good factor under way with the region as a whole experiencing an acceleration in manufacturing growth throughout June as China’s factory activity surged to a six-month high. Figures for the Eurozone were more subdued but still pointed to ongoing expansion within the sector whilst a better-than-expected reading from the UK helped drive the pound sterling to its highest level against the dollar in close to six years.

The bullish mood was maintained after the US manufacturing PMI rose to 57.3 in June, the highest since May 2010, whilst an ISM sub-index of forward-looking new orders increased to its best level in seven-months. The combination of improving growth prospects and expectations of a strong US jobs report on Thursday propelled Wall St into virgin territory with the Dow and S&P 500 closing at record highs.

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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.