WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their lead from the positive tone in Asia earlier today, major European bourses were firmer in early trade led by the financial sector. The positive tone in equity markets dented the safe heaven appeal of the JPY while comments by BoJ Governor Haruhiko Kuroda that the Central Bank is ready to expand monetary stimulus again, if needed, did not help the currency either. On the data front, US CPI for March and initial jobless claims will dominate the US calendar today. Elsewhere, the BoE’s monetary policy committee meets today but no change in its monetary policy stance is expected.
GREECE: France’s President Francois Holland received Greece’s Prime Minister Alexis Tsipras at the Elysée Palace yesterday and reportedly agreed that Greece’s 1st programme review should conclude as quickly as possible, even next week. According to the local press, although there has been convergence between the Greek government and official creditors on some of the prior actions, key stumbling blocks remain including the finalization of the NPLs framework, the level of the income tax-free threshold and the extent of a purportedly cut in auxiliary pensions.
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