Daily Overview of Global markets & the SEE Region (Monday, September 1, 2014)

Finance, Markets, News — By on September 1, 2014 at 11:38 AM
Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS:  Market focus this week turns to the ECB monetary policy meeting, scheduled for Thursday amid increased expectations for further monetary stimulus ahead on the back of persistently subdued euro area inflation pressures and mounting growth concerns. In the US, all eyes are on the non-farm payrolls data for August (Friday) and the ISM manufacturing report (Tuesday) which are both expected to point to solid economic growth in Q3.

GREECE

Aiming to prepare the ground for the inception of the 5th review of Greece’s adjustment program in the second half of this month,  domestic authorities and the troika heads will meet in Paris this week (2-4 September) for an interim assessment on the progress made by the Greek side in implementing a range of agreed quantitative targets and structural benchmarks. On the data front, the year-on-year growth of the retail trade volume index,  including automotive fuel, rose by 3.8%YoY in June, fully offsetting May’s 3.6%YoY decline while Greece’s Manufacturing Purchasing Managers’ Index (PMI) rose in August, marking the first improvement in the last three months. The breakdown of the August report showed that new orders rose for the first time in the last three months, production advanced after dipping in July for the first time in nine months while output prices continued to fall at a solid rate.

SOUTH EASTERN EUROPE

SERBIA: The EUR/RSD retained a firm tone on Friday; industrial production dropped by 13.0%YoY in July mainly due to a hefty decline in electricity and mining production.

ROMANIA: Rates in the money market were little changed while activity in government bond markets was rather subdued.

BULGARIA: According to data from the National Statistics Institute (NSI), pipeline inflation pressures remain subdued with the producer price index decreasing by 0.6%YoY in July

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Dailyoverview September 1, 2014

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