WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their lead from the negative tone in Asian stock markets, European bourses were mostly lower in early trade on Tuesdaypressured by a renewed drop in oil prices. The latest bout of risk aversion enhanced the safe-haven allure of the JPY while the AUD came under some pressure on expectations for lower RBA interest rates ahead.
GREECE: Minister of Labour, Social Insurance and Social Solidarity Georgios Katrougalos and the mission heads will hold discussions at 11:00 Athens time on the planned overhaul of the social security pension system. A meeting with Minister of Economy, Development and Tourism Georgios Stathakis will follow at 19:00 Athens time focusing on the NPLs resolution of mortgages pertaining to first residence, consumer loans, SMEs’ loans and State-guaranteed loans. Reportedly, the mission heads will depart from Athens on Friday and will return, if things go as planned, on February 15th for the completion of the review.
SOUTH EASTERN EUROPE
ROMANIA: The finance ministry sold at an auction on Monday the planned amount of RON 800mn in 2.5% April 2019 T-Notes. On the data front, FX reserves (excluding gold) decreased by €559mn to €31.7bn in January 2016 down from €32.2bn in December 2015.
SERBIA: According to the latest GDP data, released yesterday by the Statistical Office of the Republic of Serbia, economic growth slowed to 1.3%YoY in Q4 2015 from 2.2%YoY in the prior quarter. In other news, the 2015 consolidated general government budget came in at a deficit of RSD 148.6bn (~€1.21bn) equivalent to a shortfall of 3.7% of GDP, well below an initial deficit target of 5.9% deficit, a later official projection of -4.1% and a 6.7% gap registered in 2014
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