Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The USD was firmer across the board and US Treasuries were weaker in European trade on Wednesdayafter hawkish comments by a number of Fed Presidents increased the odds for a rate hike at the March 14-15 FOMC monetary policy meeting. US President Donald Trump’s speech before Congress failed to exert a significant market impact as he repeated many of his campaign promises but was short of specific details on the scope or extent of his various tax and infrastructure spending proposals.
GREECE: Deliberations with the institutions resumed yesterday in Athens in the context of the 2nd programme review and are expected to last about one week to ten days. The main issues on the agenda yesterday were the package of reforms that will have to be pre-legislated as well as the progress in energy reform. The Markit Manufacturing PMI for February came in at 47.7. up from 46.6 in January signaling the 6th consecutive deterioration in the Greek manufacturing sector. The President of the Greek Tourism Confederation (SETE) Andreas Andreadis stated in an interview that tourism revenue may significantly recover in 2017 and could reach €14.5 billion against €13.5 billion in 2016 while international visitors may reach 27 million.
SOUTH EASTERN EUROPE
SERBIA: According to the quarterly national accounts data for Q4 2016, real GDP growth was confirmed at 2.5%YoY, in line with a preliminary estimate.
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