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PVM Midday Report 16 October 2014

Published Thursday, October 16th, 2014

  1. Societe Generale drops their crude price outlook for 2014/15
  2. Inflation in eurozone falls to lowest level since 2009
  3. Bigger air strikes halt IS advance on Kobane
  4. Hurricane Gonzalo evolves into Category 4 storm

Economy

Disappointing US retail and inflation data yesterday is being followed through in Europe this morning as the ECB is contemplating extra funding to Greek banks. It is sending shock waves through the financial markets. The euro is at an 11-month low against the yen and is weakening against the dollar. Spain is finding it difficult to place all of a planned sale of bonds whilst a sell-off in Italian debts is also seen as concerning. The FTSE-100 index 1.79%, the FTSE Eurotop index has lost more than 2% today and the Spanish stock market is 3% below last night’s close.

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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.