WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In the wake of the semi-annual testimony before the Senate Banking Committee earlier this week where the Fed Chair adopted a more hawkish than expected tone, a string of US data surprised positively yesterday reinforcing expectations for higher Fed interest rates in the coming months. Major European equity markets opened modestly lower probably due to investors’ appetite for profit taking following recent hefty gains. US Treasuries remained under some pressure while the USD weakened particularly against commodity related currencies.
GREECE: The European Commissioner for Economic and Financial Affairs Pierre Moscovici met yesterday in Athens with the Greek PM Alexis Tsipras and FinMin Euclid Tsakalotos to discuss and promote the conclusion of the 2nd programme review. Following the meeting Mr. Moscovici acknowledged that the results of the Greek economy are encouraging, both in terms of growth and fiscal targets and claimed that decisions should be based on these figures which are the right ones. He added that an agreement is doable at the February 20th Eurogroup.
SOUTH EASTERN EUROPE
CYPRUS: GDP growth expanded by 2.8% YoY in FY2016, above any initial official forecast, up from 1.7% in 2015.
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