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PVM Midday Report 21 October 2014

Published Tuesday, October 21st, 2014

  1. Statoil discovers up to 80 million barrels of oil at an old North Sea site
  2. Greek current account surplus increases in August
  3. ECB investigating the acquisition of corporate bonds as soon as Dec
  4. Greek 2013 budget gap amended down to 1.8%/GDP – Eurostat


The Chinese economy expanded by 7.3% in the third quarter of the year. It is slightly above analysts’ expectations but is below the 2Q growth of 7.5%. It is the weakest reading for 5 years. As a result gold rose to a one-month high and the Shanghai Composite Index closed 0.72% down on the day. Turning to Europe, the common currency fell against the dollar and German yields are up as the ECB is reportedly considering buying corporate bonds on the secondary market. Eurozone public debt in 2013 has been revised down to 90.9%/GDP from an earlier estimate of 92.6%/GDP whilst Greek current account surplus widened somewhat in August. The FTSE-100 index is up 0.84% at the time of writing whilst the Euronext 100 index has risen 1.66%.

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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.