It is Pharrell’s 43rd birthday, and the crude complex appears happy to edge lower once again as production freeze hopes wane. Here are six things to consider on this fifth day of the fourth month:
1) On the economic data front, we have had PMI services data, hot on the heels of the recent deluge of PMI manufacturing prints. The Eurozone Services PMI came in shy of consensus, due to under-performance from Germany, France and Italy – although Spain was better than expected. Retail sales for the region painted a more positive picture, up 0.2% for February, up 2.4% YoY.
Brazilian services rebounded from multi-year lows, but still show a rapid pace of contraction from the sector. Russian inflation ticked lower to 7.3% YoY, while the US services PMI came in better than expected, at a three-month high.