WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Risk-on mode prevailed in most of European equity markets in early trade on Thursday amid optimism for an improved global growth outlook. Elsewhere, shrugging off firmer-than-expected US vehicle sales for December and the slightly hawkish tone of the December FOMC monetary policy minutes, US Treasuries were little changed on a daily basis and the USD was extending losses for the second session in a row amid market uncertainty over the extent to which US President-elect’s promises over sizable tax cuts, infrastructure spending and deregulation will be implemented.
GREECE: According to press reports, the Greek government focuses its efforts into having the 2nd programme review concluded in February so as Greek eligible debt to be included in the ECB’s QE programme by March 2017. The imminent important milestones towards this goal are the January 12th Euroworking Group and the January 26th Eurogroup. According to the President of the Greek Tourism Confederation (SETE) Andreas Andreadis, preliminary information on pre-bookings for 2017 constitutes a positive indication for the coming tourism season.
SOUTH EASTERN EUROPE
CESEE MARKETS: The majority of emerging market assets firmed earlier on Thursday amid optimism over global growth prospects, following recent upbeat macroeconomic data releases in several major countries around the globe. In other news, Prime Minister Sorin Grindeanu’s Social Democratic Party-led coalition government won by a wide margin a vote of confidence in Parliament yesterday.
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