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PVM Midday Report 20 October 2014

Published Monday, October 20th, 2014

  1. August’s oil exports from Saudi Arabia drop to lowest level in three years
  2. Iraq proposes to divide Basra Light crude into two separate grades
  3. Nigeria announced as Ebola free after 42 days with no new cases – WHO
  4. ECB has begun buying covered bonds

                 

Economy

The jump in US stock indices on Friday was followed in the early hours of today in Asia as the Nikkei 225 index gained nearly 4% and the Shanghai Composite index closed 0.66% higher. Europe is less enthusiastic with the Spanish stock market down 0.65% and the FTSE-100 index trading nearly 1% below Friday’s settlement level. The ECB announced today that it had started buying covered bonds in an attempt to revive the economy. The relative calmness is reflected in Eurozone yields. German 10-year Bund yield dipped 1 basis point whilst Spanish and Italian yields are down 1-2 points.

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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.