WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Awaiting the outcome of the OPEC meeting and ahead of key data releases today, major currency pairs were range-bound in early European trade on Wednesday. Elsewhere, US Treasury yields were slightly higher in European trade following a bulk of positive US data yesterday. The OPEC meeting is scheduled to start at 10:00GMT in Vienna with a press conference to follow at 16:00GMT.
GREECE: Greece’s real GDP growth of Q3 2016 was upwardly revised to +0.8%/+1.8% QoQ/YoY from +0.5%/+1.5% QoQ/YoY in the flash estimate published on November 14th. We now see a good chance of 2016 real GDP growth coming in a positive territory and even slightly exceeding the latest IMF forecast of +0.1%. This should translate in a positive carry over into next year to the tune of +0.7ppts. In other news, a number of EU officials expressed optimism over the last few sessions for a staff level agreement on Greece’s 2nd programme review in time for the next Eurogroup on December 5th .
SOUTH EASTERN EUROPE
CESEE MARKETS: The majority of emerging market assets gained ground earlier on Wednesday, although being broadly poised to end the month in the red, weighed down by a firmer dollar as well as higher UST yields in reaction to the US election outcome earlier in November.
Viewers can log herebelow and read the full report: