Список проголосовавших за комментарий " European Summary<p><strong>Greek Bonds Fall Again as Spanish Inflation Hits 4-Year High</strong></p><ul><li>Eurozone sovereign bonds are seeing mixed results this morning after Spanish inflation was reported to have hit a four-year high in January (3.0% y/y). The European Central Bank is unlikely to be impressed with this development, however, as its policymakers are still not seeing wage growth in the single currency bloc. In the U.K., wage growth unexpectedly slowed in December and this is pushing the pound sterling lower against the dollar (GBP/USD: -0.29% to 1.2419) and lowering gilt yields. Greek debt is under pressure again today as Pierre Moscovici, the EU economics chief, meets with Greek PM Alexis Tsipras and Greek Finance Minister Euclid Tsakalotos in Athens. The Eurogroup will meet next Monday for the last big discussion about Greece before the upcoming elections in the Netherlands, France, and Germany. Greece will need a fresh cash injection by July in order to make an EUR7 bln repayment but the IMF and Greece's European creditors are in disagreement over Greece's government budget targets before more cash is dispensed. Specifically, the IMF is asking for deeper cuts to pensions and higher taxes, without which Greece's debt burden would become explosive, according to the IMF</li><li><strong>Central Banks:</strong><br/> <ul><li>Sweden's Riksbank's executive board kept its main policy rate at -0.50% and extended its mandate to permit «quick intervention on the foreign exchange market»<br/> <ul><li>Krona appreciation threatens the revival of inflation that the Riksbank is trying to engineer with negative interest rates</li></ul></li></ul></li><li><strong>European Economic Data:</strong><br/> <ul><li>In the U.K., claimants for unemployment fell by 42.4K in January after declining 20.5K in December. Economists had expected little change<br/> <ul><li>The Average Earnings index (including bonuses) rose 2.6% y/y in December, missing estimates after 2.8% growth in November</li><li>The unemployment rate remained at 4.8% in December, as expected</li></ul></li><li>The eurozone's trade surplus unexpectedly widened in December to EUR28.1 bln from EUR25.1 bln in November<br/> <ul><li>The widening was driven by 6% growth in exports versus just 4% growth in imports</li><li>The trade surplus for FY2016 was EUR274 bln, up almost 15% from FY2015</li></ul></li><li>Spain's consumer price index fell 0.5% m/m in January (+3.0% y/y), as expected. The decline reversed most of December's 0.6% increase<br/> <ul><li>Spain's harmonized index of consumer prices (HICP) fell 1.0% m/m in January (+2.9% y/y) after a 0.5% gain in December</li></ul></li><li>Greece's HICP rose to 1.5% y/y in January from 0.3% in December</li></ul></li><li><strong>Yield Check:</strong><br/> <ul><li>France, 10-yr OAT: -2 bps to 1.03%</li><li>Germany, 10-yr bund: unch at 0.37% </li><li>Greece, 10-yr note: +20 bps to 7.64%</li><li>Italy, 10-yr BTP: -3 bps to 2.20%</li><li>Portugal, 10-yr PGB: unch at 4.01%</li><li>Spain, 10-yr ODE: -2 bps to 1.65%</li><li>U.K., 10-yr gilt: -2 bps to 1.28%</li></ul></li></ul>"