WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The EUR/USD was trading close to 1.2310/20 in European trade on Friday, poised for weekly losses of around 1.0%, the second biggest in nearly four months. Euro area political jitters are mounting as we move closer to March 4 when both Italian general election and the announcement of the outcome of the German SPD members’ vote on whether to join another grand collation, are due. Elsewhere, US Treasuries and German Bunds were firmer on the day with the former underperforming following yesterday’s poorly received 7-yr bond auction amid expectations for a considerably higher government bond issuance ahead to fund expanded fiscal stimulus.
GREECE: The Council of State endorsed yesterday the Presidential Decree that approves the Integrated Development Plan of Hellinikon, closing thus one of the two outstanding prior actions for the disbursement of the EUR 5.7 billion loan tranche. According to the Bank of Greece, in 2017 travel receipts rose by 10.5%YoY amounting to EUR 14.6 billion while the number of inbound visitors rose by 9.7%YoY reaching 27.2 million.
SOUTH EASTERN EUROPE
BULGARIA: According to IMF, GDP growth is now expected to reach 3.8% in 2018, 0.2ppts higher than in the WEO autumn forecast.
Viewers can log herebelow and read the full report: Daily Overview February 23 2018