WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS:. Tracking gains in Wall Street overnight, the majority of Asian bourses firmed on Wednesday supported by a newswires report suggesting that, at its two-day monetary policy meeting which concludes later in the day, the FOMC will stop short of altering the forward guidance and its reference “it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends”.
GREECE: Greece’s Public Debt Management successfully offered on Tuesday €1.3bn (including €0.3bn in non-completive bids) in 3-month T-bills. In other news, Greece’s Prime Minster Antonis Samaras played down once again the prospect of early national elections.
SOUTH EASTERN EUROPE
SERBIA: The National Bank of Serbia (NBS) intervened in the FX markets anew on Tuesday, in order to support the dinar.
ROMANIA: Following a spike over the key policy rate of 3.25% earlier in the session, short term RON rates staged a relief rally after the Central Bank held a one week repo auction.
CESEE MARKETS: Emerging stock markets staged a relief rally in European trade on Wednesday in the wake of news that People’s Bank of China injected 500bn yuan into the markets in order to support the domestic economy. A more hawkish-than-expected shift in the FOMC rhetoric at today’s policy meeting may weigh on regional assets. Market caution also prevails ahead of tomorrow’s independence referendum in Scotland.