The Organization for Economic Cooperation and Development (OECD) today adjusted its growth forecast for the year, increasing its initial outlook.
As global coronavirus cases begin to slow, with over 3 vaccines currently in circulation, the OECD believes the world’s economy will bounce back better than expected.
The group expects growth of 5.6% this year and expansion of 4.0% next year. This comes after they forecasted global growth of 4.2% this year and 3.7% in 2022 in December.
Indices across the globe rose on the news, with the DAX 30, FTSE 100, and Nikkei 225 all trading in the green.
Tesla Rebounds After Recent Losses
After three days of consecutive losses, Tesla saw its share price rebound on Tuesday, with a double digit percentage increase.
Up until recently, the company founded by Elon Musk saw its value fall about 15% so far this year and ended yesterday’s session at $563.00.
This drop was its lowest level since early December, however as we’ve seen with corrections in the past, bulls often look to buy the dip.
As such, $TSLA was up by 17.43% as of writing, helping to recover some of the $308 billion Tesla had lost since its January 26, 2021 high.
The S&P 500 was up by over 4% as a result of the rally in Tesla and other shares.
Microsoft Completes First Major Acquisition Of The Year
Sticking with big tech, Microsoft today completed one of the biggest M&A deals of the year thus far.
With the video games industry rising as a result of the global pandemic, Microsoft confirmed that it has closed the acquisition of ZeniMax, which is the parent company of video game publisher Bethesda.
The deal is rumoured to be for $7.5 billion in cash, making it the biggest gaming acquisition in Microsoft’s history.
Bethesda is a publisher of several high profile video games, including the likes of Fallout, Elder Scrolls, and the Doom franchise.
Quote of the day – “Do not be embarrassed by your failures, learn from them and start again.”– Richard Branson
Senior Market Analyst