• Q4 GDP releases confirm the economic recovery slowed in the last quarter of 2020. Resurgence in COVID-19 infection rates and slower than hoped for vaccine rollouts in many parts of the world suggest global growth in Q1 2021 will be even weaker.
• The global composite Purchasing Managers’ Indices (PMIs) rose once more and remain at a level signalling expansion. However, the ostensibly positive impact on manufacturing PMIs from surging input prices, at least partly, reflects supply chain disruptions.
• While realised inflation has remained subdued (UK headline CPI inflation unexpectedly fell to 0.4% year-on-year in February) a resumption of activity and deferred consumption alongside rising oil prices are expected to lead to higher inflation in the short-term.
• Despite slipping towards the end of the period, oil prices rose 22.4% in the first quarter to $64 per barrel, while the dollar spot price of gold slipped 10.2% as bond yields rose. 

To find out more, download our update of all key market trends and statistics now!