WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Crude oil prices remained in a downward trend for the third consecutive session following the OPEC’s decision last week to leave unchanged the oil production level –estimated at around 31mn barrels a day- despite persisting oversupply in the market. Against this background, major European government bonds remained well supported and the majority of equity markets weakened.
GREECE: Speaking to reporters yesterday, the Chairman of the Hellenic Republic Asset Development Fund (HRADF), Stergios Pitsiorlas, said that the privatization program is expected to generate annual proceeds of around €2-3bn in 2016. / A multi-bill incorporating the legislation required for the implementation of the second set of prior actions is expected to come for vote in the Hellenic Parliament by December 18th so as the next ESM loan installment (€1bn) to arrive in State coffers before the end of the year.
SOUTH EASTERN EUROPE
CYPRUS: HICP came in at -1.5%YoY in November vs. -1.8%YoY in the prior month. In other news, Moody’s revised the outlook of the Cypriot banking sector from negative to stable citing the modest economic recovery that will bring an end to five years of acute asset quality deterioration.
ROMANIA: Nominal wage growth accelerated further in October factoring in the generous wage increase of 25% in the public health sector. As a result, net wages stepped up further by +2.1%MoM/+9.7%YoY from +1.1%MoM/+8.0%YoY in September and compared to -1.9%MoM/+7.7%YoY in August.
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