WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Addressing the Economic Club of Washington on Wednesday, FOMC Chair Janet Yellen expressed confidence on the US economic outlook adding that risks from abroad have dissipated since the summer. She also stressed that there were risks associated with waiting too long to start normalising monetary policy making clear that, once incepted, the rate hike cycle would be gradual. All eyes today are on the ECB policy meeting where the Central Bank is widely expected to provide additional monetary accommodation to address the risks of a too prolonged period of low inflation
GREECE: The progress made so far by the Greek government in implementing the 13 agreed prior actions attached to the release of the next ESM loan installment (€1bn) is expected to be a key issue of discussion in the upcoming Eurogroup scheduled for December 7th. A bill incorporating the relevant legislation required for the prior actions’ implementation is reportedly expected to be submitted to the Hellenic Parliament by December 11th with an intention to have the next loan installment released by December 18th.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging stock markets closed broadly lower on Wednesday following downbeat US manufacturing data while caution prevailed ahead of key data and events, such as the ECB monetary policy meeting today, a speech by Fed Chair Janet Yellen today and the US non-farm payrolls on Friday. Elsewhere, CESEE currencies were mixed on Wednesday.
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