Spreadex Market Update
Markets see-saw
The official Chinese Purchasing Managers Index rose for its fifth consecutive month to 53.3 from 53.1, dampening fears of a hard landing as the government looks to reduce growth to 7.5% this year. .
BP finds itself at the bottom of the pile this morning after a drop in profits. Analysts had of course factored in a deterioration after the company was forced to sell off oil fields to pay for the Gulf of Mexico oil spill, however the severity was perhaps underestimated and Earnings after tax fell to US$5.92 billion in the three months to March from US$7.25 billion in the 2011 period.
This was in the face of an increase in Brent crude prices averaged $118.60 per barrel last quarter, up from $105.43 in the same period a year before.
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