WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from largely weaker Asian bourses on Monday, major European equity markets recorded modest losses in early trade today on profit taking and renewed global growth concerns. In FX markets, the Japanese yen remained under pressure on Monday, continuing to be weighed down by the BoJ’s unexpected decision to ease further its monetary policy last week. The euro also lost ground amid speculation that the ECB may eventually adopt further stimulus measures to support the Eurozone’s economy. The ECB monetary policy meeting and US NFP report take centre stage this week.
SOUTH EASTERN EUROPE
SERBIA: According to flash estimate data released on Friday, real GDP growth marked a 3.7%YoY contraction in Q3 2014 after a 1.1%YoY decline in the prior quarter.
ROMANIA: With 91.33% of the vote of Sunday’s first round of Presidential elections having been counted, incumbent Prime Minister Victor Ponta came in first with a share of 40.01%. The poll’s run-off will be held on November 16.
BULGARIA: Bulgaria’s budget ran a consolidated government deficit of BGN 1, 483.2mn at the end of September, surpassing by 0.7% the full-year 2014 official target.
CESEE MARKETS: Tracking losses in major European and Asian bourses on Monday, the majority of emerging stock marketskicked off the week on a negative footing amid global growth concerns. Separately, CESEE currencies were little changed earlier today, as October’s upbeat PMI data for the region somewhat provided support. Focus this week is on Central Bank monetary policy meetings in Romania and Poland.
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