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PVM Midday Report 28 August 2015

Published Friday, August 28th, 2015

  • Consulting PJK says product stocks in the ARA region hit a fresh all-time high
  • WSJ reports that Venezuela is pushing for an emergency OPEC meeting with Russia
  • Chinese shares are up 10% in two days
  • Greek poll sees Syriza as the biggest party after next month’s election

Economy

The big stock market rally in the US triggered by positive economic data and the unlikely September rate hike has been felt in Asia this morning. The Chinese stock market jumped almost 5% whilst the Japanese stock index gained 3% on the day. Further efforts are being made by Chinese authorities to support the country’s economy and stock markets. The latest of these efforts is that pension funds will soon start investing about 2 trillion yuan in stocks and other assets. In Europe the FTSEurofirst 300 index is down some 0.5% this morning after rallying 3.6% yesterday.

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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.