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The Organisation for Economic Cooperation and Development’s (OECD) leading indicators suggest that major economies are expected to post their largest monthly contractions on record amid coronavirus lockdowns, Reuters reported, citing OECD’s publication.

The OECD further noted that its indicators “are not yet able to anticipate the end of the slowdown, especially as it is not yet clear how long, nor indeed severe, lockdown measures are likely to be.”

Market reaction

The market mood remains sour on Wednesday with major European equity indexes erasing between 1.2% and 1.7%.