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PVM Midday Report 29 June 2015

Published Monday, June 29th, 2015

  • The EIA sees US light oil exports to Europe jump in May
  • Eurozone economy sentiment dipped in June
  • Stock markets are down after Greek capital control
  • IS bombs Syrian city of Hasaka

Economy

With the Greek stock markets and banks closed, the guessing game is hinging on if Greece leaves the eurozone will others follow or not? Well, stock markets are down about 4% and Spanish and Italian bond yields are higher. Interestingly, the euro reacted to the weekend news from Greek with understandable weakening –at one point it was 2% down against the dollar, but has recovered nicely and it is only down 0.63% at the time of writing. Eurozone economic sentiment indicates it dropped slightly in June to 103.5 from 103.8 in May.

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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.