WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Risk off sentiment prevailed on Wednesday following a renewed decline in oil prices after comments by the Saudi Oil Minister casted doubts on an agreement among major oil producers for freezing output. Increased risk aversion enhanced the safe-haven appeal of both the JPY and the CHF. On the flip side, the GBP was among the main underperformers amid heightened Brexit woes.
GREECE: Technical staff representing Greece’s official creditors is currently working in Athens on the fiscal data and other open issues pertaining to the 1st Programme review, namely social security and pension reform, income tax reform, the operation framework of the new Privatisation Fund and non-performing loans. As a first step, it is imperative that all sides involved agree on Greece’s baseline macroeconomic scenario and GDP outlook for the period 2016 – 2018.
SOUTH EASTERN EUROPE
SERBIA: Serbia’s consumer price index rose by 0.6%MoM in January, bringing the annual rate of increase to 2.4%.
CESEE MARKETS: Most emerging stock markets extended yesterday’s losses in European trade on Wednesday, as a further decline in global oil prices continued to weigh on energy-related shares and risk appetite. In this context, regional currencies were mixed in early European trade and government bonds were flat to firmer.
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