WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The USD extended its recent gains in European trade on Tuesday favored by the release of a special study conducted by the Federal Reserve Bank of San Francisco which suggested that the Fed is likely to pursue a more aggressive rate tightening trajectory than currently expected in the months ahead.
The next Eurogroup will be held on September 12 and according to the local press the progress made so far by the Greek side in fulfilling a range of agreed quantitative targets and structural benchmarks underlining the next (5th) adjustment program review, will likely be among the main issues on the agenda.
SOUTH EASTERN EUROPE
SERBIA: An IMF delegation met on Monday with government and Central Bank officials in an attempt to lay the ground for a new IMF Stand-By Arrangement.
ROMANIA: The MoF issued RON 100mn of 2027 bonds, as planned at an average accepted yield of 4.35%, which came in below expectations.
BULGARIA: According to Bulgaria’s National Employment Agency, the unemployment rate eased for the seventh month running in August, to 10.4%, down by 0.2ppts on a monthly basis and 0.3ppts compared to the same month a year earlier.
CESEE MARKETS: The majority of emerging stock markets extended this week’s losses on Tuesday and CESEE currencies weakened after the EU announced new sanctions against Russia while a research report published by San Francisco Fed on Monday dented risky assets’ carry allure.
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