OECD forecasts 2021 global GDP at 5.6% (+1.4% from Dec forecast) and 2022 at 4.0% (+0.3% from Dec forecast)
Reaction details (10:10)
- This release seemingly prompted some further modest upside in the equity complex but more prudently in WTI and Brent which have now pared-back the entirety of their overnight/early-European move lower and trade with gains in excess of 1.0% on the session. Given recent oil reports placing enhanced focus on OECD commentary; for instance, OPEC has highlighted OECD demand as a potential downside risk factor
Analysis details (10:02)
- The Feb OPEC MOMR stated - "Extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted in downward revisions to 1H21 projection" - "Revisions are concentrated in the OECD region"
09 Mar 2021 - 10:00- Energy- Source: Newswires
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