UK retail sales rebounded by 0.7% M/M in February

European shares suffer further losses today following heavy losses on Wall Street yesterday evening. Most European indices lose up to 1.5%. In the US, losses remain contained with the Nasdaq losing 0.50%, but volatility remains high.

Greece’s Economy Minister Stathakis said today he believed this government will have an agreement at the beginning of next week on the package of reforms with its euro zone partners and on the funding of the country.
IMF Chairwoman Lagarde had today a constructive conversation with the Greek Prime Minister on the next steps, the IMF said today.

UK retail sales rebounded by 0.7% M/M in February, almost twice the expected pace and also the previous month’s figure was significantly upwardly revised. The details showed that strength was broad‐based, raising expectations that the UK economy will extend its strong performance at the start of this year.

Spain’s economic recovery accelerated in the first three months of 2015, supported by higher household spending, the Bank of Spain said today. It expects the economy to have expanded 0.8% Q/Q in Q1 and raised its growth projection for this year to 2.8% from 2.0% in December.

Rating agency Moody’s warned today that phenomenally low bond yields will hurt insurers across the world as their investment return will be dented for the years to come, weighing on profits and endangering the capital of those that offer guaranteed returns. The most exposed are life insurers in Norway, Taiwan, Germany and the Netherlands.