WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street posted modest gains overnight, though Asian equity markets closed mixed and European bourses traded on the back foot earlier on Friday following hawkish comments by Fed officials yesterday, while trading volumes were thin due to the summer lull. In FX markets, the US dollar regained some ground against other major currency peers after new Fed officials’ hawkish comments.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging Market assets broadly fell earlier on Friday after hawkish Fed officials’ comments. Regional currencies broadly recoiled against a stronger US dollar, while government bonds were mixed. Today’s focus is primarily on Fitch’s sovereign credit review for Turkey. Moody’s is also expected to issue a review for Romania later on Friday.
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