WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the negative tone in Asia earlier today, major European stock markets stood in a negative territory in early trade on Wednesday pressured by persisting Russia jitters and the continued down trend in oil prices amid oversupply concerns. The FOMC holds its final meeting of the year today. The policy announcement is scheduled for 20:00 CET and market focus is on whether the FOMC will drop its commitment “to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program”.
GREECE: The first round of voting for the election of the new President of the Hellenic Republic in the 300-seat Parliament is scheduled to take place this evening at 19:00 Athens time (EET). As per Article 32 of the Constitution of Greece, a 2/3rd majority of the number of seats is required for the election of the new President i.e., 200 in-favor votes. Recall that Greece’s two-party coalition government currently enjoys the support of 155 lawmakers; center-right New Democracy controls 127 seats and PASOK 28. The coalition government has nominated former EU Commissioner Stavros Dimas for the presidential post.
SOUTH EASTERN EUROPE
SERBIA: The National Bank of Serbia (NBS) announced y-day that an operating license was issued to Mirabank, owned by United Arab Emirates-based Royal Group.
ROMANIA: In spite of Russian’s financial woes, the EUR/RON continued to consolidate within 4.4725/875 on Tuesday amid market worries over potential intervention in FX markets by the Central Bank.
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