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PVM Midday Report 27 August 2015

Published Thursday, August 27th, 2015

  • Standard Chartered cuts 2015 and 2016 Brent oil price forecast.
  • Eurozone lending to households and firms grew slightly faster in July than June.
  • The Islamic State seized five villages in northern Syria.
  • China relaxes property investment rules for foreigners.

Economy

The day started on a positive note as follow-through buying from last night’s US rally helped European stock markets recover. Further support came from the 1.9% growth in eurozone lending to households and firms in July. China is also doing its bit to support its own economy as it tries to stabilize its property market by relaxing investment rules for foreigners. The FTSEurofirst 300 index is up 3% at the time of writing and the German stock market has gained over 3% on the day, thus far.

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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.