WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The ECB governing council convenes later today. With the Central Bank expected to stay put on its monetary policy, market focus will be on the post-meeting press conference where President Mario Draghi is anticipated to highlight that economic indicators for the euro area have generally surprised on the upside over the last few weeks while longer-term inflation expectations have stabilized, albeit at still low levels, largely thanks to the implementation of the QE program.
GREECE: According to a number of press reports, progress in negotiations between the Greek government and the Institutions is rather slow while both sides are still away from reaching a compromise on a number of pending issues, including, inter alia, the size of the projected fiscal gap in FY-2015, as well as social security and labor market reforms. As a result, an agreement is reportedly unlikely to be reached at the next Eurogroup on April 24.
CYPRUS: According to Eurostat data announced on Tuesday, industrial production in Cyprus fell for the 4th month running in January, marking a 2.3%YoY drop after a 2.2%YoY fall registered in December 2014.
SOUTH EASTERN EUROPE
BULGARIA: According to the latest inflation data released by the Statistical Office on Tuesday, HICP rose by 1.9%YoYin March vs. a gain of 0.8%YoY a month earlier, bouncing further above January’s record low pace of increase of 0.1%YoY and marking the highest rate of advance since November 2014.
SERBIA: According to the latest inflation data released by the Statistical Office on Tuesday, HICP rose by 1.9%YoYin March vs. a gain of 0.8%YoY a month earlier, bouncing further above January’s record low pace of increase of 0.1%YoY and marking the highest rate of advance since November 2014.
CESEE MARKETS: Most emerging stock markets extended Tuesday’s losses in European trade today amid lingering concerns about the sustainability of the global economic recovery. Separately, CESEE currencies were mixed earlier today, while government bonds lost ground in view of waning risk appetite.
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