WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: ADP employment data surprised to the upside, triggering a renewed hawkish shift in Fed rate hike expectations. Against this background, US Treasuries remained under pressure and the USD retained a firm tone across the board. All eyes are on the ECB which convenes later in the day ahead of the US’ February non-farm payrolls report on Friday.
GREECE: Further progress has reportedly been achieved in the negotiations between the Greek government and the institutions (EC/ECB/ESM/IMF) in the context of the 2nd programme review. According to press reports, the legal framework for the out-of-court workout has been agreed while the measures and the counter-measures that will be pre-legislated now and implemented as of 2019 or later, have also reportedly to a large extent been agreed. The thorny issue of the labour market reform remains open. The Euroworking Group that convenes today will assess the progress made and could shed some light as to whether a Staff level Agreement at the March 20 Eurogroup as the Greek government favours is possible.
SOUTH EASTERN EUROPE
BULGARIA: GDP growth expanded by +3.4% in FY2016, an inch down from +3.6% in FY2015.
CYPRUS: Consumer prices, measured by HICP, rose by +0.1% MoM/+1.4% YoY in February up from -0.8% MoM/+0.7% YoY in January and +0.3% MoM/+0.1% YoY in December.
Viewers can log herebelow and read the full report: Daily Overview March 9 2017