WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of global equity markets were firmer today mostly supported by positive trade figures from China and news that the Italian government is in the midst of preparing an emergency bailout to take a controlling stake in Monte dei Paschi di Siena. All eyes are on the ECB which is expected to adopt further at today’s meeting to support euro area economic growth and address persistently subdued underlying inflationary pressures. The ECB policy outcome is scheduled to be announced at 13:45 CET and the press conference to commence at 14:30CET.
GREECE: In the 15 December European Council the Greek PM Alexis Tsipras is reportedly expected to pursue a political compromise, which would not envision additional austerity measures beyond 2018. According to ELSTAT the Q3 2016 Turnover Index in Accommodation and Food Service Activities Sector increased by 2.6%YoY, while the index for the corresponding period of 2015 had increased by 4.8%YoY.=
SOUTH EASTERN EUROPE
BULGARIA: Strong growth momentum was sustained in the third quarter.
CESEE MARKETS: Emerging market assets broadly extended this week’s gains earlier on Thursday amid expectations that the ECB will announce further monetary stimulus measures at its meeting today.
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