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Europe midday: Shares rally on improved OECD global outlook

Tue 09 March 2021 12:03 | A A A

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7014.90 | Positive 51.57 (0.74%)
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(Sharecast News) - European shares rallied at lunchtime on Tuesday after the OECD upgraded growth forecasts for the global economy, citing the ongoing success of the vaccine rollout and the US's mammoth $1.9trn stimulus package..

The OECD said it now believes the global economy will grow by 5.6% in 2021, and by 4% in 2022., an increase on forecasts made in December for growth of 4.2% this year and 3.7% next year.

The pan-European Stoxx 600 was 0.66% higher after starting the session in sluggish mood as inflationary fears on the back of rising US bond yields persisted. Dow Jones futures were up 160 points.

In economic news, data showed German exports unexpectedly rose in January buoyed by robust trade with China.

Danish jewellery maker Pandora topped the gainers board, with the shares up 7.47% after the company reported a 12% rise in February organic sales.

Shares in serviced offices provider IWG fell as the company said it would be forced to shutter more underperforming locations as a result of the market recovery from the coronavirus pandemic was taking longer than anticipated.

UK insurer and asset manager M&G rose more than 5% as the company reported a better-than-expected 31% fall in 2020 operating profit to £788m pounds in its first full year as a standalone company.

German automotive parts maker Continental AG fell 5.1% after it reported a 12.7% drop in group sales, thanks in part to falling revenue in the automotive, rubber and powertrain divisions.

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