HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street declined modestly overnight, as gains in consumer staples and healthcare were offset by a continuing slide in tech stocks amid expectations for tighter government regulation for the industry. Nevertheless, Asian equity indices traded mixed on Thursday amid easing tensions regarding North Korea. Reduced risk appetite favored the safe haven appeal of US government bonds, with the 10-yr Treasury yield falling by c. 2bps on the day standing close to 2.76% in European trade, after touching a near two-month low of 2.74% overnight as the extended selloff in US tech stocks countered the positive US economic data. In FX markets, the USD/JPY eased somewhat to 106.40 in early European trade following a two-week high of 107.01 on Wednesday reporting its biggest daily rise since September 2017 on positive news flow from North Korea concerning the nuclear program.
GREECE: The binding offers for the acquisition of 66% of the Hellenic Gas Transmission System Operator (DESFA) that were submitted on 16 February are expected to be unsealed today. According to the Bank of Greece data, in February 2018 the annual growth rate of credit to the private sector stood at -1.0% from -0.8% in the previous month.
SOUTH EASTERN EUROPE
CYPRUS: The deadline of the invitation for the expression of interest for the Cyprus Cooperative Banks’ assets and liabilities expires today.
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