Industrial production in Spain rose in February, with the sector posting a gain of 0.6%, much higher than the forecasted 0.2%.It is the second straight month of expansion in the sector. In France, production was flat on a month-to-month basis, but the sector did post growth of 0.3% compared to the same period in 2014.
Elsewhere in the euro zone, there was relief on markets yesterday when Greece fulfilled an outstanding €450 million loan repayment to the I.M.F. There had been speculation earlier in the week that Greece could default on the payment, thereby making it the first developed country in the funds history to do so. While those fears have been allayed for now, it is clear that Greece’s financial position is becoming increasingly perilous. Reuters reported yesterday that Greek officials had pleaded with EU counterparts for an early release of funds at a meeting of EU deputy finance ministers on Wednesday.
European markets are expected to remain relatively subdued in the day ahead.