WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US Treasuries remained range bound in early trade on Thursday, European bourses opened lower and the USD was little changed ahead of Fed Chair Janet Yellen’s speech at the Jackson Hole economic symposium on Friday. Looking at today’s calendar July US durable goods orders are due for release.
GREECE: With the summer recess over for the Greek government, Prime Minister Alexis Tsipras is scheduled to start a series of international contacts today (Thursday, August 25) participating in the Summit of the Party of European Socialists (PES) in Paris.
SOUTH EASTERN EUROPE
CESEE MARKETS: The majority of emerging market assets stood on a firmer footing earlier on Thursday on yield hunt ahead of Fed Chair Janet Yellen’s speech on Friday at the annual meeting of world central bankers in Jackson Hole, Wyoming. In FX markets, the Turkish lira posed earlier today amongst the best performers in the emerging markets space having come under pressure in the prior session amid intensified political noise domestically. In the external debt markets, the Republic of Poland sold a CNY3nb (~€400mn) 3-year renminbi-denominated bond at 3.40%, in a move placing the country as the first European state to sell Panda bonds.