When the rest of the markets slow down, the futures market keeps moving.

Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity?

In the ETF markets, volume and liquidity lessens after 4pm until the next morning.

But with futures, you get trading opportunities both day and night.

Learn more at CMEgroup.com slash equity futures.

Bloomberg Audio Studios. Podcasts, radio, news.

This is the Bloomberg Surveillance Podcast.

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

From our global headquarters in New York City, we are live on Bloomberg Television

weekday mornings from 6 to 9 a.m. Eastern.

Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the

Bloomberg Terminal and the Bloomberg Business app. Here's the latest crude climbing, as Tehran

says, some terms of the ceasefire have been violated. The energy shock rippling through the global

economy, joining us now. I'm so pleased to say

as OECD chief economist, Stefano Scarpeda. Stefano, thank you so much for making some time. How

much are you looking at a dampening effect on the global economy as a result of what's going on

in the Middle East? Well, of course, there is a lot of uncertainty.

We just published our interim economic outlook on the 26th of November.

And basically, if on the 28th of February, before the war in Iran,

would have actually rise upward the projection for global GDP growth for 26 by 0.3 percentage point, all of that was shaved off because of the impact of the war and the crisis in the Middle East and the increase, of course,

in energy prices. Now, the recent announcement of the ceasefire, if it is implemented, if this

...