Welcome back to the OATS Bulletin after our August break. Although the Q2 results showed the impact of the the global recession on the major producers, the overall mood seems to have changed. With even the International Monetary Fund (IMF) prepared to send out optimistic messages, the question seems to be what letter will best represent the economic upturn: V, W or L?
Germany and France have moved out of recession - apparently helped by their successful "cash for clunkers" schemes, with funds running out in Germany due to demand.
The world's stock markets also appear to be anticipating a brighter future, with Goldman Sachs' leading indicators showing a remarkably positive V shape. At the same time, advertising giant WPP is quoted as expecting an L with an up tick, although some more pessimistic analysts are predicting a W-style recovery.
In reality, we won't know for sure until next year, but overall there seems to be a more positive outlook than this time last year and many of the doom-laden predictions of just six months ago appear not to have happened.
Sebastian Crawshaw, CEO OATS