WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The ECB monetary policy meeting and Eurozone’s September inflation, both scheduled for Thursday, as well as the US August non-farm payrolls report the following day, lure market attention this week.
GREECE: According to the local press, Greece’s Minister of Finance Gikas Hardouvelis is scheduled to meet a number of cabinet officials later in the day, ahead of tomorrow’s return of the troika heads to Athens for the inception of official discussions in the context of Greece’s 5th program review.
SOUTH EASTERN EUROPE
SERBIA: The dinar came under renewed depreciating pressure on Friday.
ROMANIA: Money market rates remained near recent highs on Friday despite the NBR’s repo auction earlier in last week.
BULGARIA: Bulgaria’s finance ministry said on Saturday that it anticipates the general government budget deficit to rise to 4.0-4.2%-of-GDP this year, more than double an initial deficit target of 1.8%-of-GDP due to lower-than-previously-
CESEE MARKETS: Emerging stock markets kicked off the week on a negative footing, led lower by Chinese bourses amid social unrest in Hong-Kong. The US dollar’s ongoing appreciation continued to exert a negative impact on risky assets. The majority of CESEE currencies recoiled in European trade on Monday as expectations for higher US interest rates ahead dent their carry allure. Focus this week is on the National Bank of Romania monetary policy meeting on Tuesday, while September’s CPI release in Turkey (Friday), final Q2 GDP readings in Serbia and Romania (Tuesday & Wednesday) and regional PMI data (Wednesday) also lure market attention
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