European refiners back in the money?
With another decline in crude oil prices, especially at the prompt, and product prices remaining supported, European refiners are back closer to their average profitability levels.…
Purchasing managers’ indices continue to be close or at historical highs in the manufacturing industry, pointing to strong growth in this sector. The small decline in the US ISM only shows that activity has ceased to accelerate in April. Bond yields are marginally down and the USD is rather stable: the EUR/USD exchange rate is trading in a narrow range around 1.2030.
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