WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Asian bourses moved lower today as investors adopt a cautious stance ahead of the conclusion of the FOMC’s policy meeting later today. A bulk of US macro data have surprised negatively over the last few weeks raising market uncertainty about the ability of the US economy to rebound strongly after the Q1 soft patch. Against this background, all eyes today are on the FOMC policy statement while interest rates are expected to remain unchanged.
GREECE: The cabinet will convene on Thursday to discuss the details of a multi-bill, the government is currently preparing, containing the relevant legislation required for the implementation of several reforms incorporated in the detailed list the Greek Minister of Finance submitted to the Institutions late last month. Upon approval, the said bill is reportedly expected to be finalised by early next week and the government to submit it for approval to parliament as soon as possible in an effort to speed up the pace of official discussions with the Institutions.
CYPRUS: The government sold on Tuesday €1bn in seven-year euro-denominated (3.875%, May 6, 2022) bonds at a yield of 4%.
SOUTH EASTERN EUROPE
ROMANIA: The government sold at an auction on Tuesday RON 1bn (ca €0.23bn) in March 29, 2016 T-Bills.
CESEE MARKETS: Emerging stock markets treaded water on Tuesday as market caution prevailed ahead of the conclusion of the 2-day FOMC meeting and the upcoming release of the US Q1 GDP, both due on Wednesday. Along similar lines, CESEE currenciesand government bonds closed broadly mixed on Tuesday.
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