Technical & Fundamental Oil Reports Specialists

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Iran approves but makes no contribution

Published Thursday, February 18th, 2016

Firmer oil prices, Fed wariness, encouraging corporate earnings and increasing bargain hunting opportunities. Equity bulls have been given ample reason to cheer this week and another upbeat performance on Wednesday helped push shares in Europe and Wall St to a more than 5% gain in the last three trading sessions. The recent rally which has seen the S&P post its strongest run of 2016 comes as economic fundamentals continue to take a back seat in what is a surefire way of ensuring further volatility in the coming days.

Concerns of impending violent swings across financial markets were however put on the back burner as sentiment gained support from yesterday’s release of solid US economic reports. Industrial output rebounded in January as it registered its first increase in four months while investors also took heart from an unexpected uptick in producer prices. Adding to the risk-on backdrop was downbeat eurozone data pointing to a fall in construction output and the return of deflation in Greece which reinforced hopes of further ECB largesse when it meets next month.

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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.