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PVM Midday Report 07 August 2014

Published Thursday, August 7th, 2014

  1. September’s North Sea Brent oil will fall
  2. World food prices reached a six-month low in July – FAO
  3. Russia has blocked fruit, veg, meat, fish and dairy imports from U.S. and Europe
  4. ISIS tightens its grip in Northern Iraq

 

Economy

Russian ban on all food imports from the US and of fruit and vegetables from Europe is taking its toll on stock markets. After the overnight sell-off of Asian stocks Europe is also taking a hit with the Russian stock market down 1.4%, the Spanish down 0.6% and the FTSE Eurotop 100 index 0.2% below yesterday’s close. Bonds and gold are favoured as risky assets and being dumped. The ECB is expected to keep interest rate unchanged whilst Greek May unemployment eased a tad to 27.2%.

to read the rest of the report, please click here 

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.