Markets wait to hear Yellen

The ECB General Council meet this morning, and no doubt, the subject of Greece will be on the agenda. The ECB is currently providing Emergency Liquidity Assistance to Greek banks, and Benoit Coure’s remarks after the meeting will be monitored for possible policy updates on the ailing economy.

Eurogroup head, Jeroen Djisselbloem, yesterday raised the prospect of capital controls being imposed in Greece should the situation worsens further, a statement which was met with anger by Greek government sources.

In other news, balance of trade figures due out today are expected to show that the euro area surplus shrunk to around €13.1 billion in January. That is down from the €24.3 billion recorded in December.

In other news, construction output in the EU is set to contract by -3.5% for the year to January. The results highlight the inconsistency which still prevails in the sector since the onset of the financial crisis, with results for the second half of last year mostly disappointing, after something of a resurgence in the early part of 2014.

In Spain, the Ibex 35 was down-86,60 points (-0.78%) at 1.028,10 in early trading. The euro was trading up against the dollar at $1.0615.



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