The European sovereign debt issue once again came to the fore last week with Greece – the centre of attention – while geopolitical tensions in West Asia continued unabated. Global commodity markets reacted to the developments. The immediate impact was seen on the crude oil market which broke out of its recent range trade and spurted given its constructive fundamentals. The status relating to Iran's supply of crude oil to Europe is far from clear. The OECD composite leading indicators, designed to anticipate turning points in economic activity relative to trend, point to a positive change in momentum for the OECD as a whole, driven primarily by the US and Japan; but similar signs are beginning to emerge in a number of other developed economies.
Source: The Hindu Business Line
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