WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street closed in the red overnight, pressured by increased expectations for a December Fed funds rate hike. Disappointing foreign trade data from China also weighed. Mirroring the negative tone in the US equity market overnight, most Asian bourses weakened on Tuesday, while major European equity indices treaded water in early trade at the time of writing. In FX markets, the DXY dollar index was hovering around levels of 99.067 in early European trade at the time of writing not far from last week’s 6 ½ month high of 99.345. Elsewhere, the EUR/USD was trading near 1.0743/44 in early European trade, close to 7-month trough of 1.0706 hit last Friday.
GREECE: According to a statement issued following the conclusion of yesterday’s Eurogroup, euro area finance ministers acknowledged that “a lot of progress and work” has been made so far in the implementation of Greece’s ESM economic adjustment programme. Yet, as expected, they refrained from approving the release of the next ESM loan installment amounting to €2bn, as a number of relevant prior actions are still pending.
SOUTH EASTERN EUROPE
BULGARIA: Upon conclusion of an IMF staff mission visit to Bulgaria on 9 November 2015, the Fund noted, in a statement issued at its website, that it projects moderate growth of 1.7% for 2015, in line with last year’s level, supported by exports and absorption of European Union funds.
ROMANIA: NBR Governor Mugur Isarescu presented yesterday the November inflation report that incorporates the impact of the amended version of the 2016 Fiscal Code and all envisaged tax cuts on consumer prices.
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