European Periphery Macro Daily 20/02/2019
20 de febrero de 2019
Macro update
- S&P on Spain. The rating agency S&P stated yesterday that the current A- (Positive Outlook) rating is “not likely to be immediately affected by recent political events”.
- Italy current and financial account (December). Italy registered a current account surplus of EUR4.2bn for December and EUR45.27bn for 2018 as a whole (or c.5.8% YoY below the cumulative figure recorded in FY17). This slight deterioration was mainly due to the reduction in the trade surplus (down 16%) which outweighed the smaller deficits on the service and income balances.
- Germany Zew expectations survey (February). Yesterday the Zew indicator printed some improvement, to -13.4 from -15 in January, above Bloomberg consensus expectations (-13.6). The Zew survey indicator for the EMU also increased slightly, at -16.6 from -20.9 in January.
- Macro releases today. Portugal current account for December.
PLEASE SEE IMPORTANT DISCLOSURES ON THE LAST FOUR PAGES OF THE REPORT.
