Stock markets soared in Asia, carrying forward the optimism of the EU summit last week. Added to the bullishness was China’s PMI data which showed that manufacturing activities were still on expansion and better-than-expected Tankan survey in Japan. In the commodity sector, crude oil retreated after the rally last Friday. The EU sanctions on Iran entered into full force but with a number of exemptions. It is estimated that around 1M bpd out of 3.3M bpd will be removed from the market.
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