WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US Treasuries weakened and global equity markets were firmer today following a positive US’ ADP employment report. In FX markets, the USD was little changed against both the EUR and the JPY as investors adopt a cautious stance ahead of Friday’s US non-farm payrolls data. Mounting political uncertainty in Spain.
GREECE: According to some press reports, some convergence was achieved at yesterday’s dinner between the representatives of the IMF, the European Commission and the European Central Bank on the projected size of Greece’s fiscal gap in the period between FY-2016 and FY-2018. Market focus now turns on the March 7th Eurogroup where euro area finance ministers will assess the progress made so far by the Greek side in the implementation of the prior actions required for the successful completion of the review and will likely reach a decision on the exact timing of the mission heads’ return to Athens to resume discussions with domestic authorities in the context of the pending 1st review.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging stock markets extended their positive momentum on Thursday, following recently released upbeat data from the US and optimism that Chinese authorities may announce further stimulus measures aimed at boosting economic activity. In view of improving global risk sentiment, most regional currencies retained a firm tone earlier on Thursday.
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