Список проголосовавших за комментарий " European Summary<p><strong>European Yields Mixed, Eurozone Growth Beats Forecasts</strong></p><ul><li>European sovereign yields are mixed today after a slew of economic data was released. Real GDP growth in the euro area was 1.7% in 2016, edging out U.S. growth of 1.6%. January inflation data for the eurozone showed prices rising faster than expected in January although core CPI inflation is still running at only 0.9% y/y, as expected. The euro moved sharply higher this morning after Trump's trade advisor, Peter Navarro, said that the euro is «grossly undervalued.» The impact of even fairly large currency fluctuations on growth in developed economies has been moderate in recent years and the euro remains near the lower end of its 15-year range</li><li>Greek yields are soaring again today as doubt mounts over whether the second review of Greece's bailout program will be completed in a timely fashion. An IMF report leaked on Monday said that Greece's debt dynamics would become «explosive» in 2022 and IMF participation is considered necessary by some eurozone countries for their assent to financial support for Greece. Klaus Regling, who heads up the European Financial Stability Facility, has said that the European creditors would only approve a fresh cash injection once the IMF has made a determination on its level of involvement. The IMF's decision is due next week. Regling hinted on Monday that the IMF involvement could be on a technical rather than financial basis, offering a glimmer of hope. Analysts now say that Greek sovereign yields are reflecting actual default/restructuring risk rather than simply the risk that Greek debt will not be included in the European Central Bank's asset purchase program</li><li><strong>New Issuance:</strong><br/> <ul><li>The U.K.'s Debt Management Office sold GBP2.25 bln of 10-year Gilts at an average yield of 1.451% with a bid-to-cover ratio of 2.27</li></ul></li><li><strong>European Economic Data:</strong><br/> <ul><li>The eurozone economy grew 1.8% y/y in the fourth quarter (0.5% q/q), exceeding expectations. The Q3 rate was also 1.8% y/y (0.4% q/q)<br/> <ul><li>The eurozone's consumer price index was up 1.8% y/y in January, faster than both expectations and December's 1.1% pace<br/> <ul><li>The eurozone's core CPI increased by 0.9% y/y in January, matching both estimates and December's pace</li></ul></li></ul></li><li>German retail sales fell 0.9% m/m in December (-1.1% y/y), missing expectations after a 1.7% decline in November<br/> <ul><li>German unemployment fell by a better-than-expected 26K workers in January after falling by 20K in December</li><li>The unemployment rate fell to 5.9% from 6.0%</li></ul></li><li>French GDP grew 0.4% q/q in the fourth quarter, meeting estimates and improving on Q3's 0.2% growth rate<br/> <ul><li>French consumer spending fell 0.8% m/m in December, missing forecasts for growth after November's 0.6% rise</li><li>France's harmonized index of consumer prices (HICP) fell just 0.2% m/m in January (+1.6% y/y), beating expectations after a 0.3% jump in December</li></ul></li><li>Spain's HICP fell 0.9% m/m in January (+3.0% y/y), also beating expectations after 0.5% growth in December</li><li>Italy's unemployment rate remained at 12.0% in December after November's reading was revised up to the same value</li><li>In the U.K., GfK Consumer Confidence unexpectedly rose to -5 for January from -7 in December</li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: -1 bp to 1.05%</li><li>Germany, 10-yr Bund: unch at 0.45%</li><li>Greece, 10-yr note: +32 bps to 7.84%</li><li>Italy, 10-yr BTP: -2 bps to 2.30%</li><li>Portugal, 10-yr PGB: -6 bps to 4.15%</li><li>Spain, 10-yr ODE: -1 bp to 1.60%</li><li>U.K., 10-yr Gilt: +1 bp to 1.45%</li></ul></li></ul>"