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PVM Midday Report 26 June 2015

Published Friday, June 26th, 2015

  • Possible Islamist attack on US gas company in southeast France
  • European Banking Authority recommends cutting capital charges on pooled debt
  • Italy 2016 economic growth is upped by Confindustria
  • ELA funding for Greece is unchanged

Economy

The Chinese stock market is in trouble; at least the Shnaghai Composite Index lost more than 7% today after a 3.5% loss yesterday. Uncertainty over central bank monetary easing and tight liquidity are responsible for the free-fall. Moving onto Greece – the country’s creditors say that under the current bailout the eurozone can put together €16.3 billion made up of existing €10.9 billion for bank recapitalization, €1.8 billion remaining bailout trance and €3.6 billion of ECB profits made on Greek bonds this year and last. Mai European stock indices are down this morning and the euro is unchanged.

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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.