Turkey's central bank cut today its interest rates across the board

ANALYSIS | 02/24/2015 15:09:36 GMT

European shares trade mixed currently as the approval of the Greek list failed to support sentiment. In the US, Equities opened mixed too with investors awaiting Yellen’s testimony before Congress.
The Eurogroup approved today the list of reform measures presented by the Greek authorities. The deal still needs to be approved by several parliaments of euro zone countries. The approval means that the €240 bailout won’t expire at the end of this month, but run until the end of June. IMF Chairwoman Lagarde argeed that the list is a valid starting point, but is not very specific.
Foreign Ministers of Ukraine, Russia, France and Germany agreed today to seek a reinforcement of the international monitoring mission in Ukraine and renewed their calls for the ceasefire agreement to be respected. Rebels said they have started a full‐scale pull‐out of heavy weapons from the frontline of their fight with government troops.
Turkey’s central bank cut today its interest rates across the board. The central bank cut the upper overnight lending rate by 50 basis points to 10.75% and reduced the benchmark weekly repo rate by 25 basis points to 7.5%. The central bank cited a slowdown in inflation, bowing to political pressure for lower rates. The Turkish lira was unmoved by the decision.
Around the publication of this report, Fed Chairwoman Yellen will start her semi‐annual testimony before Senate, which will be followed by a Q&A session.

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