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No voluntary oil output cut from Mexico

Published Wednesday, September 9th, 2015

Evidence of a Chinese economic slowdown never seems to be too far away these days. The latest example came yesterday in the form of disappointing trade data but this was brushed off by global equities indices which rallied on hopes of further stimulus from Beijing. The risk-on environment was tracked across the eurozone after 1Q and 2Q GDP estimates for the bloc were revised upwards to +0.5% and +0.4% respectively with stronger growth coming from Italy and Greece. The mildly improving outlook was also bolstered by solid export and import figures out of Germany for July which surpassed expectations to hit respective record highs of €103.4 and €80.6 billion.

US stocks made a positive return from the Labour Day weekend with Wall Street adding over 2% and propelled the S&P 500 out of correction territory. The brighter mood looks set to continue following fresh warnings by the World Bank advising against a US rate hike this month and hints by Chinese authorities that it would do more to stoke economic growth. This in turn helped Asian stocks extend recent gains overnight with the Shanghai Composite adding 2.2% while Japan’s Nikkei surged close to 8% in what was its biggest daily gain since the onset of the 2008 financial crisis.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.