Citi UK CEO: 'Phenomenal' market resilience is keeping recession risk at bay — for now
Tiina Lee, CEO of Citi U.K., believes that global growth will remain resilient this year, with a recession not being the base case. Despite ongoing geopolitical tensions, particularly the Iran conflict, markets have shown stability. However, she warns that prolonged hostilities could lead to significant increases in oil prices, impacting the economic outlook.
- ▪Tiina Lee expects global growth to remain resilient this year.
- ▪She noted that a recessionary environment is not the base case for Citi U.K.
- ▪The ongoing Iran conflict has driven Brent crude prices above $100 a barrel.
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Tiina Lee, the CEO of Citi U.K., expects global growth to remain resilient this year, telling CNBC that a "recessionary environment" is "not our base case."Markets have continued to perform in an orderly way, despite the economic and geopolitical upheaval caused by the Iran conflict, which entered its 60th day on Tuesday, Lee said.She highlighted a ripening opportunity set across AI, data infrastructure, and energy, coupled with record mergers and acquisitions volumes in the first quarter.But, speaking with CNBC's "Squawk Box Europe" on Tuesday, Lee acknowledged that a deeper and longer conflict remains a live risk for markets and economies. The war has driven Brent crude prices above $100 a barrel, compared to around $70 in February.
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