WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The Fed decided to keep interest rates unchanged at the September 20-21 monetary policy meeting leaving, however, the door ajar for a rate hike in the not too distant future. All in all, the tone of the policy statement suggested that, barring significant negative developments, a rate hike is highly likely by the end of the year, while the pace of rate tightening in the coming years will be gradual dependent on the US’ economic outlook. In reaction to the Fed policy decision, European equity markets were firmer in early trade on Thursday, the USD weakened especially against the JPY and US Treasury yields moved lower with long-dated paper outperforming.
GREECE: The multi-bill containing the remaining legislative measures pertaining to the pending prior actions for the release of the €2.8bn sub-tranche is expected to be brought before the Hellenic Parliament today and be voted on Monday, while other pending prior actions that do not require additional legislation are expected to close in October. The Hellinikon S.A. concession agreement was ratified yesterday in Parliament. According to the BoG, in July 2016 travel receipts recorded a decrease of 3.5%YoY against an increase of 6.6%YoY in July 2015, while inbound traveler flows rose by 5.8%YoY against 4.4%YoY in July 2015.
SOUTH EASTERN EUROPE
BULGARIA: According to the monthly monetary survey of BNB, the annual growth rate of credit to the non-government sector switched to positive territory in August for the first time in the last two years.
Viewers can log herebelow and read the full report: Daily Overview September 22 2016