WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Global equity markets retained a firm tone on Tuesday for the second session in a row supported by rebounding oil prices amid speculation that OPEC might agree to cut production in an attempt to reduce global oversupply. Comments by ECB President Mario Draghi before the European Parliament’s Economic and Monetary Affairs Committee yesterday that the Central Bank will probably reconsider its monetary policy stance at the upcoming Governing Council meeting on Mach 10th to support the continuation of the euro area’s economic recovery, also had an impact.
GREECE: Responding to a relevant question during the Q&A session following his hearing before the European Parliament’s Economic and Monetary Affairs Committee yesterday, ECB President Mario Draghi noted that the successful completion of Greece’s 1st programme review depends on a number of factors, drawing attention on the social security pension reform, the overhaul of the income tax and the completion of the NPL resolution framework. According to some press reports, some tentative signs of convergence between the two sides on some of the main sticking issues have emerged and the mission heads are likely to return to Athens by the end of this week.
SOUTH EASTERN EUROPE
BULGARIA: The finance ministry sold at an auction on Monday the planned BGN 200mn (~€102.3mn) of 3-year Treasury Bonds at an average accepted yield of 0.36%.
ROMANIA: Inflation surprised to the upside in the first month of the year despite the decline in energy prices and the headline VAT rate cut, with CPI coming in at -0.8% MoM/-2.1% YoY in January.
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