GLOBAL & REGIONAL DAILY (Friday 13, March 2020)
GLOBAL & REGIONAL DAILY
March 13, 2020
At its policy meeting yesterday, the ECB approved credit and liquidity measures that were not far from market expectations to contain the effect of the COVID-19 outbreak. A few hours later the New York Fed announced additional liquidity operations to “address temporary disruptions in Treasury financing markets”.
According to ELSTAT, for the FY-19 total issued building permits amounted to 17,282 higher by 12.6%YoY, while private building activity in particular recorded a 13.3%YoY increase. Meanwhile. The labour force survey for Q4-19 showed a decrease in the unemployment rate to 16.8% against 18.7% in Q4-18. Finally, coronavirus confirmed cases have risen to 117 and the authorities intensified measures against its spread.
The ECB’s stimulus measures announced yesterday, following the policy meeting, failed to act as a backstop in the regional markets’ performance on Thursday and consequently almost all of them marked multi-year lows at their opening, affected by the US ban on travels from Europe.
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