WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In spite of nearly unchanged Fed rate hike expectations, selling pressure on US Treasuries resumed on Tuesday, especially on the long end of the curve. In FX markets, the JPY came under some pressure in response to a press report suggesting that the BoJ is mulling to cut the deposit rate further into negative territory at next week’s policy meeting. Today’s calendar includes euro area’s July industrial production as and UK labor market data for July which are expected to provide more insight ahead of Thursday’s BoE monetary policy meeting on how the Brexit vote affects the domestic economy.
GREECE: Based on press reports, according to BoG Governor Yannis Stournaras, Greece’s primary surplus for 2016 will reach 0.8%-of-GDP while GDP for 2016 and 2017 will grow by -0.3% and +2.5% respectively. According to ELSTAT, the turnover index in the accommodation and food service activities sector for Q2 2016 decreased by 1.1% YoY while the production index in construction for Q2 2016 increased 9.7%YoY.
SOUTH EASTERN EUROPE
BULGARIA: CPI came in at 0.0% MoM/-0.3% YoY in August compared to -0.7% MoM/-0.2% YoY in July.
CESEE MARKETS: Emerging market assets remained under pressure earlier today amid ongoing uncertainty over global major Central Banks’ monetary policy deliberations ahead.
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