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Daily Overview of Global Markets & the SEE Region (Wednesday, December 5, 2018)

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GLOBAL MARKETS: Mirroring the negative tone in Wall Street overnight, global equity indices traded in the red on Wednesday amid heightened investor concerns over trade protectionism and weakening global economic momentum. Against this background, core government bonds extended recent gains with the 2/10-yr yield curve undertaking some further bullish flattening. Increasing signs that the Fed might be closer to the end of the current tightening cycle, worries over the sustainability of the US-China tariff truce and real money bids have also had an impact on long-term US Treasury yields. In FX markets, the DXY dollar index advanced somewhat on Wednesday around 96.997 at the time of writing, though still remaining under pressure below its 1 ½ year high of 97.693 hit in mid-November, while the EUR/USD consolidated around yesterday’s closing of 1.1343 in European trade at the time of writing. 

GREECE: According to ELSTAT’s quarterly national accounts, real GDP growth rate in Greece increased to 2.2% YoY/ 1.0% QoQ in 2018Q3 from 1.4% YoY/ 0.4% QoQ in the former quarter.


CYPRUS: The IMF Executive Board concluded the 2018 Article IV consultation for Cyprus.

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