WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In an effort to contain an oversupply of oil, Russia and Saudi Arabia agreed to freeze output at January levels noting though that the deal is contingent on other oil producers joining in. Elsewhere, European bourses opened higher on Wednesday while the USD moved lower, especially against the JPY, following comments by Boston Fed President Eric Rosengren that the Central Bank might be prudent to wait for stronger US inflation before it pushes interest rates higher.
GREECE: Greece’s Prime Minister Alexis Tsipras is due to meet European Commission President Jean-Claude Juncker later today. The progress made so far towards the completion of the 1st programme review and the refugee crisis are expected to be high on the agenda.
SOUTH EASTERN EUROPE
SERBIA: According to local media quoting the head of the IMF team visiting the country, James Roaf, the Fund plans to complete the 4th review under Serbia’s 36-month Stand-By Arrangement after the upcoming early general elections which are expected to be held in late April/May.
CESEE MARKETS: Emerging stock markets recoiled earlier on Wednesday as renewed concerns over an oil supply glut hit energy-related shares anew. On the flipside, CESEE bourses and regional currencies mostly firmed, outperforming their global emerging market peers, while local government bonds were mixed in European trade.
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