WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Oil prices moved higher today after a smaller than expected increase in US crude inventories more than offset market oversupply worries. Assisted by higher oil prices, major European equity markets were firmer in early trading while long-dated core sovereign bonds weakened. In FX markets, the EUR lost some ground on positioning djustment ahead of today’s ECB monetary policy meeting.
GREECE: Official discussions between the Greek government and official creditors on the 1st programme review are scheduled to come to a halt later today for the informal Eurogroup in Amsterdam on Friday, April 22nd. According to press reports, the two sides reached an agreement yesterday on a package of parametric and non-parametric measures estimated to secure savings of 1%-of-GDP to partially cover the projected fiscal shortfall in the period 2016-2018. Yet, a number of core issues remain open. The current account (CA) balance recorded a deficit of -€804, 27mn in February 2016 compared to -€742, 36mn in January 2016.
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