Rolling business and financial news, as Greece scrambles to put together a plan to unlock funds from its creditorsGreece: We’ll present reforms by MondaySchulz: Deal could come this weekSoros: 50% chance of Grexit The Agenda: Greece, and UK inflation 9.12am GMT The eurozone recovery is alive and well.Firms across the euro are growing much faster than expected this month, according to Markit’s latest survey of the sector.“The eurozone’s economic recovery gained further momentum in March, with the PMI hitting its highest for almost four years. The improvement provides welcome news to a region awaiting signs that the ECB’s quantitative easing is stimulating the real economy.The survey data therefore indicate that the ECB’s quantitative easing has been started at a time when the eurozone’s economic upturn is already starting to gain traction. This augurs well for the region to enjoy further improvements in business conditions as the year proceeds, helping drive greater business investment and hiring, and thereby ensuring that the recovery becomes sustainable. Eurozone PMI data better then expected. ThanQE Draghi 8.43am GMT The euro has jumped half a cent against the US dollar on the back of the news that the German economy is accelerating. #Euro nudges to fresh day high $1.0998 after upbeat German PMIs. German Mar Composite PMI Flash 55.3 vs 55.0 expected pic.twitter.com/GIdS4b3QyEVery strong German composite PMI. Don't act as you're surprised. 8.41am GMT Strong economic data from Germany - its private sector is growing at the fastest rate in eight months.The German composite PMI has risen to 55.3, from 53.8 in February - meaning 23 months of consecutive growth. Manufacturing and services both grew at a faster rate.The composite #PMI of #Germany rises to 55.3 proving that it's economy is in rude health and does not need #ECB #QE 8.25am GMT Hopes that France’s economy was recovering have just taken a knock.Markit’s monthly healthcheck of the sector shows that growth in France’s private sector slowed this month. CHART: France struggling to catch euro-area recovery wave as March #PMI disappoint. Still, growth accelerated in Q1. pic.twitter.com/IF05nBkTdA 8.21am GMT Billionaire philanthropist George Soros has declared there’s a 50:50 chance that Greece will leave the eurozone, due to the mistakes of the past.“It’s now a lose-lose game and the best that can happen is actually muddling through....Greece is a long-festering problem that was mishandled from the beginning by all parties.” 8.12am GMT Greece’s three-year government bonds are strengthening, a little, on the back of today’s comments from Athens, and from Martin Schulz:#Greece's yields drop as EU's Schulz sees deal with #eurozone likely this week. http://t.co/8m2gsl6YDh pic.twitter.com/XiXoBTvVdD 8.07am GMT Another optimistic sign - European Parliament chief Martin Schulz has predicted that Greece and its creditors could secure a breakthrough this week.He told Italy’s La Repubblica that:“I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing,” 7.58am GMT Alexis Tsipras is still in Berlin, and due to meet with the leaders of Germany’s opposition Left and Green parties. 7.58am GMT Germany’s Deutsche Welle newspaper reports that Angela Merkel and Alexis Tsipras spoke until almost midnight about the situation in Europe, at their ‘working dinner’Chancellor Merkel’s spokesman Steffen Seibert told reporters late last night that:“The chancellor and the Greek prime minister had a comprehensive discussion in a good and constructive atmosphere about the situation in Greece, the procedures of the European Union and future German-Greek cooperation,” 7.43am GMT News from Athens: Greece will present a new reform programme to its creditors by next Monday, potentially unlocking bailout funds and averting the risk of bankruptcy.The news comes less than 12 hours after prime minister Alexis Tsipras and Angela Merkel ended their talks in Berlin. Greece will present its proposed package of reforms to its euro zone partners by next Monday in hopes they will release much needed cash, its government spokesman said on Tuesday.“It will be done at the latest by Monday,” government spokesman Gabriel Sakellaridis told Mega TV.Greece plans present its proposed package of reforms to the eurogroup on Monday. So, see everyone in Brussels for a late night Tuesday? Mon? 7.37am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Today we’ll be assessing the situation in Greece after yesterday’s visit by Alexis Tsipras to meet Angela Merkel. China HSBC PMI 49.2 adds to jan/feb soft data. Suggests gdp below 7pct. Ditto Q2, and of course, rate and RRR cuts soon, infra sp laterOur European opening calls: $FTSE 7021 down 16 $DAX 11863 down 33 $CAC 5042 down 12 $IBEX 11446 down 7 $MIB 23049 down 8 Continue reading...
 |
| READ THE ORIGINAL POST AT www.theguardian.com |
