WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Most Asian bourses closed in the black on Monday, while in Europe, major equity indices reversed fully earlier losses to stand in positive territory at the time of writing. In FX markets, the USD retained a firm tone while in commodity markets, the Brent crude oil price remained under pressure plunging to its lowest level since mid-2004.
GREECE: Following the signing of the 40-year lease agreement for the 14 regional airports with the selected preferred bidder Fraport AG-Copelouzos consortium, the Hellenic Republic Asset Development Fund (HRADF) is reportedly expecting today the binding bids for a 51% stake in Greece’s largest port, Piraeus Port Authority (OLP), with the option to raise it to 67% over five years. According to data released today by the Hellenic Statistical Authority, the turnover index in industry (both domestic and non-domestic market) in October 2015 recorded a decline of 18.9% compared with October 2014.
SOUTH EASTERN EUROPE
CYPRUS: The EU Commission approved the additional state aid of €175mn for the Cypriot Co-operative sector on the basis of an amended restructuring plan in line with the EU state aid rules.
SERBIA: FITCH upgraded the outlook of the Serbian economy from stable to positive, reaffirming the long-term foreign and domestic currency rating at B+
Viewers can read the full report herebelow: