Optimism Spreads: El-Erian Hikes GDP Outlook For 2011, IEA Ups Oil Demand

More and more names are turning bullish on 2011.

Mohamed El-Erian, via Reuters:

 

PIMCO sees the economy growing 3 per cent to 3.5 per cent in the fourth quarter of 2011 from the same period of this year. That compares with its previous estimate for 2 per cent to 2.5 per cent growth.

“We revised this week our outlook for U.S. growth in 2011 taking into account Monday’s announcement on additional fiscal stimulus measures,” El-Erian said in an interview. El-Erian also shares the co-chief investment title with Bill Gross, who runs the $256 billion PIMCO Total Return Fund.

And the IEA ups its global oil demand estimate

Global oil product demand is revised up by 130 kb/d to 87.4 mb/d in 2010, and by 260 kb/d to 88.8 mb/d in 2011, on stronger data from OECD North America and non‐OECD Asia. Growth in 2010 (+2.5 mb/d y‐o‐y) is largely driven by buoyant gasoil demand, notably in 3Q10, but expansion should slow to +1.3 mb/d in 2011 as temporarily supportive factors fade.

The big shocker of the week was David Rosenberg turning bullish.

 

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