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Global economy to suffer worst peacetime slump in 100 years, OECD says – as it happened

  • An OECD report forecasted that the global economy will contract 6% in 2020, and 7.6% if there is a second wave of Covid-19 infections. It said the pandemic has triggered the most severe peace-time recession in nearly a century
  • The news caused European stocks to flip flop, with most indices ending up in negative territory after a relatively strong start to the session
  • Bank of England governor Andrew Bailey later said at a private event that there will be elements of a faster-than-usual economic recovery as the government lifts Covid-19 restrictions that that we are seeing elements of that recovery starting already
  • US consumer prices fell for the third straight month. CPI dipped 0.1% month on month in May, worse than economist forecasts for a flat reading
  • All eyes are now turning to the US Fed as the central bank plans to release its first set of economic forecasts since the Covid-19 pandemic took hold

That’s all from us today. We’ll be back again tomorrow morning. Thanks for reading and stay safe –KM

https://www.theguardian.com/business/live/2020/jun/10/stock-market-rally-fades-as-investors-await-us-fed-federal-reserve-forecasts-coronavirus-covid-19-sterling-eurozone-pound-brexit-business-live

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