WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Yesterday’s rally in oil prices stalled on news that Kuwaiti oil producers ended a three-day strike which had reduced daily production by 60%. Commodity-related currencies moved lower while German government bonds were modestly firmer ahead of Thursday’s ECB monetary policy meeting. Looking at the day ahead, focus is on US existing home sales for March.
GREECE: Official discussions between the ECB/IMF/ESM/EC mission heads and the Greek government in the context of the 1st programme review continue today with fiscal issues reportedly dominating the agenda. An unnamed Finance Ministry official was quoted saying in the local press that the government has rejected official creditors’ call for the legislation of an additional bundle of contingency measures worth c. €2.7- €3.6bn to support the achievement of a 3.5%-of-GDP primary surplus in 2018.
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