Список проголосовавших за комментарий " European Summary<p><strong>Eurozone Yields Jump</strong></p><ul><li>Eurozone sovereign debt yields are trading sharply higher today and French and German borrowing costs actually hit one-year highs at the 10-year maturity. As we noted on Wednesday morning, the technical backdrop favors the reflation trade as all major countries' 10-year yields are above their 50-day moving averages which are in turn above their 200-day moving averages. The probability of early Italian elections being called (possibily as soon as June) is now higher after a ruling from Italy's highest constitutional court. U.K. GDP growth beat forecast in the fourth quarter and the 10-year Gilt yield is at an 8-month high</li><li>The highest constitutional court in Italy made a ruling today that virtually guarantees that the electoral system in the lower chamber of Italy's parliament becomes more like that of the Senate. The main takeaway is that early elections (before the current legislatures scheduled termination in February 2018) are now more likely</li><li><strong>Central Banks:</strong><br/> <ul><li>Bank of France Governor Francois Villeroy de Galhau said today that Germany was the biggest beneficiary from the introduction of the euro and that the EUR780 bln of asset purchases by the ECB that are scheduled this year are set in stone<br/> <ul><li>He said that the ECB's monetary policies were justified by its constant undershooting of its inflation target (at or below 2%)</li></ul></li><li>ECB Executive Board Member Yves Mersch said today that the central bank's ultra-accommodative monetary policy was not the greatest factor in creating repo market tensions. The ECB modified its securities lending program at the December meeting of the Governing Council to try to ease the squeeze on collateral</li></ul></li><li><strong>European Economic Data:</strong><br/> <ul><li>Germany's GfK Consumer Climate Index rose more than expected to 10.2 for February from 9.9 for January</li><li>Spain's unemployment rate fell more than expected in the fourth quarter to 18.6% from 18.9% in Q3</li><li>Italian retail sales dropped 0.7% m/m in November (+0.8% y/y), missing forecasts and reversing much of October's 1.2% growth</li><li>The U.K. economy grew by 0.6% q/q in the fourth quarter (2.2% y/y), topping estimates and matching Q3's pace<br/> <ul><li>BBA Mortgage Approvals increased more than expected to 43.2K for December from 40.7K in November</li><li>The CBI Distributive Trades Survey fell to -8 for January from 35 for December. Economists had expected a much smaller decline</li></ul></li><li>Switzerland's trade surplus narrowed to CHF2.72 bln in December from CHF3.50 bln in November</li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: +1 bp to 0.99%</li><li>Germany, 10-yr Bund: -1 bp to 0.46%</li><li>Greece, 10-yr note: -1 bp to 6.80%</li><li>Italy, 10-yr BTP: +6 bps to 2.17%</li><li>Portugal, 10-yr PGB: +6 bps to 4.03%</li><li>Spain, 10-yr ODE: +8 bps to 1.53%</li><li>U.K., 10-yr Gilt: +2 bps to 149%9%</li></ul></li></ul>"