WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Mirroring losses in Asia earlier today, the majority of European bourses were weaker in early trade on Tuesday on the view that the Fed may embark on a rate tightening cycle earlier than expected
GREECE: Speaking at the press conference following the conclusion of y-day’s Eurogroup, President Jeroen Dijsselbloem stated that euro area finance ministers decided discussions between the Greek authorities and the institutions to begin on Wednesday (March 11) in Brussels with a view to achieve a speedy and successful conclusion of the current review. The Eurogroup President added that, also as of Wednesday, technical teams from the institutions “will be welcomed in Athens, with a view to support this process jointly and together”. In other news, the ECB will reportedly hold an extraordinary meeting through a teleconference on Thursday to reassess Greek banks’ access to the ELA facility.
SOUTH EASTERN EUROPE
SERBIA: The Public Debt Administration sold in an auction on Monday 92% (or €45.7mn) of the planned €50mn €-denominated 1-year T-Bills, at an average accepted yield of 2.45%.
ROMANIA: The Ministry of Finance issued on Monday, the planned amount of RON 500mn in June 2019 T-bonds at an average accepted yield of 2.35%, which came in at the upper end of market expectations.
BULGARIA: Growth in industrial production picked up further pace for the third month running in January and turnover in retail trade increased by 4.3%YoY over the same month, but the construction production index declined by 4.2%YoY snapping a 3-month rising streak.
CESEE MARKETS: In line with the negative trend in major Asian and European stock markets, the majority of emerging boursesextended Monday’s losses, weighed down by speculation that the Fed may start hiking interest rates earlier than previously expected. Elsewhere, most CESEE indices advanced and regional currencies were little changed probably favoured by the launch of the ECB’s QE programme earlier this week.
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