WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street advanced overnight snapping a two-session declining streak, largely shrugging off a weak reading from the Chicago Fed National Activity Index. Elsewhere, major Asian bourses closed in the black on Tuesday while most European equity indices opened higher, taking their cue from Wall Street overnight. In FX markets, the US dollar steadied against its major currency peers, with the DXY index consolidating near yesterday’s levels of 98.400 in early European trade. On the US macro front, the third estimate of Q3 GDP growth that is expected to show a modest downgrade to 1.9%QoQ saar, from 2.1% in the second estimate, will take centre stage.
GREECE: The ESM Board of Directors is reportedly expected to convene today to decide on the release of the pending €1bn loan installment. The Hellenic Republic Asset Development Fund (HRADF) received on Monday the binding offers for a 51% stake in Greece’s largest port, Piraeus Port Authority. According to data released on Monday, December 21, 2015 by the Bank of Greece, the current account recorded in October 2015 a surplus of €314mn compared to a deficit of €456mn in October 2014.
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