Technical & Fundamental Oil Reports Specialists

Follow us

Battle for oil market share rages on

Published Tuesday, November 3rd, 2015

An important week of economic reports got underway on an upbeat note as investors absorbed what turned out to be on balance a positive batch of global manufacturing surveys. PMI Day initially got off to a poor start after China’s official factory reading missed expectations at 49.8 in what was the third straight month of shrinking activity. A private Chinese survey from Caixin/Markit was similarly downbeat although it signalled that the pace of decline in manufacturing activity eased somewhat in October.

Equivalent factory surveys from elsewhere were however more encouraging. The eurozone’s final October manufacturing PMI improved slightly to 52.3 from 52.0 in the previous month but was as ever a mixed affair with Spain and Germany underwhelming as Greece and Italy impressed. A gauge of UK factory activity powered to a 16-month high last month while markets took the ISM survey of US manufacturing in their stride after it teetered on the edge of contraction territory at a more than two-year low, but still came in ahead of expectations. Sentiment also garnered support from figures revealing that US construction spending climbed 0.6% in September to the highest level since March 2008 and ultimately contributed to the more than 1% gain on US stock indices.

to read the rest of the report, please click here

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.