Список проголосовавших за комментарий " European Summary<p><strong>European Yields Little-Changed</strong></p><ul><li>European sovereign debt is seeing mixed results this morning after eurozone inflation missed expectations in March. Also this month, Germany's labor market showed more improvement than economists had expected while German retail sales beat expectations in February. The U.K.'s GDP grew by 0.7% q/q in the fourth quarter of 2016 (1.9% y/y). Benoit Coeure, executive board member at the ECB, said this morning that «the choice of sequencing of policy instruments will be the outcome of our regular assessment of the medium-term price stability outlook.» This comment tends to support the idea that the European Central Bank could hike its deposit rate before the end of its asset purchase program. Today is the last day for the current pace of asset purchases (EUR80 bln/month) and the rate will fall to EUR60 bln/month in April. The program is currently set to end at the end of this year but most analysts expect further tapering during 2018 before eventual termination. The eurozone's core CPI growth of just 0.7% m/m during March along with the recent dip in oil prices could allow the ECB to be more patient in removing monetary policy accommodation, but some factors point in the other direction. Economic sentiment is running very high among both consumers and business in large swathes of the eurozone and if that sentiment filters into real economic activity, it could quickly render ECB policy inappropriately accommodative. In any case, Coeure's remarks should tend to flatten yield curves somewhat</li><li><strong>European Economic Data:</strong><ul><li>The eurozone's consumer price index rose 1.5% y/y in March, missing estimates after 2.0% growth in February<br/> <ul><li>The core CPI was up 0.7% y/y in March after 0.9% growth in February. March's pace was a 10-month low</li></ul></li><li>German unemployment fell by a better-than-expected 30K workers in March after declining by 17K in February<br/> <ul><li>The unemployment rate fell to 5.8% from 5.9%</li><li>Separately, German retail sales rose 1.8% after a 1.0% drop in January</li></ul></li><li>French consumer spending slid by 0.8% m/m in February, reversing January's 0.6% growth<br/> <ul><li>The French CPI increased 0.6% m/m in March, missing estimates after 0.1% growth in February</li><li>The French harmonized index of consumer prices rose 0.7% m/m in March (1.4% y/y) after 0.2% growth in February</li></ul></li><li>Italy's CPI was unchanged m/m in March (1.4% y/y), missing forecasts after 0.4% growth in February<br/> <ul><li>The HICP was up 1.8% m/m in March (1.3% y/y) after 0.2% growth in February</li></ul></li><li>Spanish retail sales were unchanged y/y in February after dipping by 0.1% in January<ul><li>Spain's current account surplus narrowed to EUR0.41 bln in January from EUR3.4 bln in December </li></ul></li><li>U.K. GDP grew by 0.7% q/q in the fourth quarter (1.9% y/y), matching both estimates and Q3's pace<br/> <ul><li>Business investment fell 0.9% q/q in Q4 after 0.4% growth in Q3</li><li>The U.K.'s current account deficit narrowed more than expected in Q4 to GBP12.1 bln from GBP25.7 bln</li></ul></li><li>Also in the U.K., GfK Consumer Confidence remained at -6 in March, beating estimates for a small decline<br/> <ul><li>The Nationwide House Price Index fell 0.3% m/m in March (+3.5% y/y) after a 0.6% jump in February</li></ul></li></ul></li><li><strong>Yield Check:</strong><ul><li>France, 10-yr OAT: +1 bp to 0.95%</li><li>Germany, 10-yr bund: -1 bp to 0.33%</li><li>Greece, 10-yr note: -5 bps to 6.83%</li><li>Italy, 10-yr BTP: unch at 2.14%</li><li>Portugal, 10-yr PGB: +2 bps to 3.64%</li><li>Spain, 10-yr ODE: +1 bp to 1.64%</li><li>U.K., 10-yr gilt: unch at 1.12%</li></ul></li></ul>"