HIGHLIGHTS
March 7 2023
Global Markets
The EUR firmed, while European government bonds came under significant selling pressure, with short-dated papers underperforming and the yield curves bear-flattening, in reaction to hawkish comments from ECB’s Robert Holzmann. Markets are currently pricing in a terminal deposit rate close to 4.00%, implying some 155bps of additional tightening.
Greece
Today ELSTAT is scheduled to announce the Q4 2022 national accounts data, along with the 1st estimate for the FY-2022 real GDP growth rate. According to the market consensus forecast, the real GDP growth rate is estimated at 5.2% in 2022, 1.0% in 2023 and 2.2% in 2024.
CESEE
In Serbia, the Producer Price Index (PPI) inflation decelerated for the seventh consecutive month in Feb-23, to 9.4%YoY, a twenty-month low. The slowdown relative to Jan-23 was stronger in energy prices, by 2.9ppts, to 7.5%YoY. However, in the context of the Stand-By Arrangement with the IMF, another increase in electricity tariff for households is scheduled for May 1, 2023 (+8%).
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