Market Movers
Greece continues to be in the spotlight with today's extraordinary Eurogroup finance ministers meeting (starts at 19:00 CET). The aim of the meeting is for the Eurogroup to reach a deal, which can be signed by the EU leaders at the two-day summit this Thursday and Friday.
The heads of the 'Institutions' (IMF, ECB and EU Commission) will meet at 12:00 CET according to an unnamed EU official. It has also been said that Greek Prime Minister Tsipras may participate in the meeting. The Institutions are currently considering whether the latest reform proposal from Greece is comprehensive enough and any information about how close we are to a deal will be followed closely.
German Ifo expectations will get some attention as the German manufacturing PMI surprised on the upside yesterday, whereas the ZEW expectations suggest a decline in Ifo expectations. We stick to our forecast that the Ifo expectations will decline as the actual situation in Germany has improved, implying the outlook will not continue to look even better. However, it is not likely to have any market implications as long as the Greek situation remains unsolved.
In the US the second revision of Q1 GDP data is released. GDP growth is widely expected to be revised higher but will continue to show contraction in the first quarter.
In the Scandi markets focus will be on Norwegian unemployment, see page 2.
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