WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Oil prices remained under pressure on Thursday weighed down by lingering oversupply jitters and persisting worries over the growth prospects of China. Against this background, most European equity markets were weaker in early trade while oil-related currencies underperformed their major currency peers. Looking at today’s calendar, the BoE MPC policy meeting lures market attention where the Central Bank is expected to stay put on interest rates in view of persistently subdued inflation pressures.
GREECE: The Eurogroup convenes later in the day (15:00 CET) and Greece’s stabilization programme features high on the agenda. In more detail, official discussions are expected to place particular emphasis on the progress made thus far by the Greek side in implementing a number of agreed milestones and particularly on the overhaul of the social security pension system, which constitutes one of the prior actions required for the completion of the 1st programme review. On the data front, the Harmonized Index of Consumer Prices (HICP) increased by 0.4%YoY in December marking the first positive annual rate of growth in the last 33 months.
SOUTH EASTERN EUROPE
ROMANIA: Nominal wage growth accelerated further in November both on a monthly and annual basis, coming in at +2.5% MoM/+10.0% YoY from +2.1% MoM/+9.7% YoY in October, on the back of the granting of occasional and performance bonuses given at this point of the year.
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