WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The USD moved higher for the third session in a row in early trade on Wednesday and short-dated US bond yields hit fresh multi-year highs ahead of the minutes from the January 30-31 FOMC monetary policy meeting later today (20:00 CET). Eurozone preliminary February PMIs and UK December labor market data also feature high in today’s calendar.
GREECE: According to the 3rd programme review compliance report, as of today, auctions for debts to banks or other private entities are to be conducted only through the electronic platform. 70 electronic auctions have been scheduled for today and 200 for the next week, with a target to gradually reaching around 2,000 e-auctions per month. According to the Bank of Greece, in 2017 the current account showed a deficit of EUR 1.5 billion, down by EUR 418 million compared to 2016. This amelioration reflects mainly an increase in the surplus of the services balance (EUR 2.1 billion) and, to a lesser extent, improvements in the primary and secondary income accounts (EUR 94 million and EUR 18 million respectively), which more than offset the increase in the deficit of the balance of goods (EUR 1.8 million).
SOUTH EASTERN EUROPE
CESEE MARKETS: The majority of emerging markets assets traded mostly higher earlier on Wednesday. Main emerging stock market indices rose with the corresponding MSCI index firming by nearly 1% on the day. In CESEE, regional bourses lagged the recovery with most standing in a modestly negative territory in early European trade. Regional currencies were mixed as the USD gained further ground, while government bonds broadly firmed.
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