WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market fears over a trade war re-emerged following Gary Cohn’s resignation yesterday as the White House’s top economic advisor after disagreement with US President Donald Trump over the latter’s proposal for the introduction of tariffs on imported steel and aluminum. Heighted trade war concerns put pressure on global equity markets and the USD while government bonds firmed. Today at 20:00 CET the Fed releases its Beige Book while, on the data front, we expect US January trade balance and the February’s ADP employment report.
GREECE: Eurogroup President Mario Centeno stated yesterday in an interview among others that, as agreed, the potential debt relief measures for Greece will only be adopted if two conditions are met: the ESM programme must be successfully completed and debt relief must be considered necessary. TRAINOSE – subsidiary of Ferrovie dello Stato Italiane – submitted yesterday the only binding offer for the acquisition of 100% of EESSTY (ROSCO). The annual growth rate of real GDP in Greece accelerated to 1.4% in 2017 from -0.2% in 2016. The main driver of this economic performance was total investment contributing 1.8 ppts to the annual growth rate. Net exports and public consumption had a negative contribution of -0.3 and -0.2 ppts respectively. Finally, private consumption remained almost stagnant for the fourth consecutive year.
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