WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The ECB kept its key interest rates unchanged at the September 8th monetary policy meeting and refrained from announcing any adjustment in the modalities of the technical parameters of its purchase programme, disappointing the majority of market participants who were poised for an extension of the QE. In reaction to the ECB’s policy decision, major European bourses were weaker in early trade on Friday, German government bond yields moved higher and the EUR was modestly firmer. With the September 8th ECB policy meeting out of the way, market focus now shifts to the Fed’s meeting later this month.
GREECE: The Eurogroup is scheduled to convene today in Bratislava to discuss, among others, the progress made in the 15 prior actions for the release of the €28bn loan sub-tranche. The seasonally adjusted unemployment rate for June 2016 was 23.4% compared to 24.9% in June 2015 and the upward revised 23.6% in May 2016.
SOUTH EASTERN EUROPE
CYPRUS: The second estimate of CYSTAT on the seasonally adjusted Q2 GDP reading matched the flash estimate of +0.7% QoQ/+2.7% YoY.
SERBIA: At its monetary policy meeting yesterday, the Central Bank of Serbia kept its key policy rate unchanged at the current record low level of 4.00%, in line with market expectations.
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