Daily Overview of Global Markets & the SEE Region (24 October 2014)

Banking, Finance, Markets, News, Stock Markets — By on October 24, 2014 at 12:17 PM
Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: European bourses opened broadly lower on Friday, tracking a drop in US stock futures after an Ebola case was reportedly confirmed in New York. For the remaining of the day, market investors are likely to adopt a cautious stance ahead of the expected release of the EU-wide stress test results on Sunday as well as general elections in Ukraine in the same day.

GREECE: In an effort to boost budgetary revenue, the Greek government submitted to Parliament y-day a multi-bill containing the relevant legislation for a new settlement scheme for overdue tax payments and social security contributions. Based on the latest data from the Secretariate General for Public Revenues, total overdue taxes stood at €70.2bn up to September 2014, out of which €9.7bn were generated in the first nine months of this year.

SOUTH EASTERN EUROPE

SERBIA: Minister of Finance Dusan Vujovic said on Thursday that the 2015 budget will be enacted by Parliament before the end of the year.

ROMANIA: The MoF issued RON 594mn in 10Y government bonds (above the initially planned RON 500mn) at an average accepted yield of 3.93%, 43bps lower than that achieved at a prior auction of similar maturity paper held on September 22nd.

BULGARIA: Bulgaria’s gross external debt rose by 2.2%YoY in August to EUR 38.202bn (or ca 94.3% of GDP).

CESEE MARKETS: Emerging stock markets were mixed in early European trade on Friday following news about an Ebola case in New York. On the other hand, the majority of CESEE bourses inched modestly higher at the time of writing, whilecurrencies were little changed.

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