WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US Treasuries were firmer in early European trade on Wednesday and the USD was modestly weaker as moderating US underlying inflationary pressures triggered a dovish shift in short-term Fed rate hike expectations. Looking at the day ahead, focus is on the third – and last – US presidential debate which will take place at the University of Nevada, Las Vegas.
GREECE: Given the importance the Greek government places on public debt relief, the Greek PM Alexis Tsipras plans to meet on the sidelines of the European Council that will take place on 20 and 21 October, a number of high level officials including Angela Merkel, Francois Hollande, Jean-Claude Juncker and Martin Shculz. The Greek Tourism Confederation (SETE) presented at its conference yesterday the updated 2021 roadmap for Greek tourism where the targets by then are set at 34.8 million international arrivals and €19.6 billion tourism receipts.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging Market assets broadly extended their gains earlier on Wednesday after macroeconomic data from China vindicated market consensus, while expectations for a Fed rate hike this year were somewhat scaled back. A further recovery in commodity prices today continued to provide additional support to related shares and currencies. The Romanian parliament unanimously passed yesterday a bill that envisions the conversion of CHF-denominated loans to leu at historical rates.
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