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PVM Midday Report 25 August 2015

Published Tuesday, August 25th, 2015

  • Iran’s oil minister says his country will re-gain market share once sanctions are lifted
  • Iraqi Basra Heavy crude oil discount reached new low as demand from Asia falters
  • China cuts lending rate and bank reserve ratio
  • August business morale in Germany registers a surprise jump

Economy

The news of London this morning is undoubtedly the intervention of the Chinese central bank after the Shanghai Composite Index dropped another 8% this morning. The central bank cut its benchmark lending rate for the fifth time since November last year – this time by 0.25% to 4.6%. It also reduced the reserve requirements for its biggest banks by 50 basis points to 18% in an attempt to support its ailing stock markets. The first reactions are positive as the FTSEurofirst 300 index is up 4.6% and US index futures are also trying to make up for lost ground. Further support comes from the surprise jump in Germany. August business morale which has sent the DAX index more than 4% above yesterday’s settlement level.

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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.