Daily Overview of Global Markets & the SEE Region (Friday, May 15, 2015)

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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: Major US equity markets firmed overnight with the S&P 500 index closing at a new record high on the view that the Fed will not rush to raise interest rates. In FX markets, the US remained under pressure against most of its major currency peers with the DXY index standing c. 1.5% lower so far this week and down by c. 6.1% from a 12-yr peak of 100.39 hit in mid-March.

GREECE: Addressing a news conference y-day, government spokesman Gavriil Sakellaridis was quoted saying that the Greek government will make sure that it will meet upcoming debt interest and amortization payments. The government official added that Greece may ask for an emergency Eurogroup at the end of the month on the view that an agreement with official creditors has to be sealed soon so as the country’s liquidity needs are addressed.

SOUTH EASTERN EUROPE

BULGARIA: Bulgaria’s unemployment rate eased to 10.7% in April from 11.0% in March and 11.8% over the same month a year earlier.

ROMANIA: Romania’s finance ministry sold at an auction on Thursday RON 207mn (equivalent to €46.5mn) of T-bonds that mature in June 2019 and bear a coupon of 4.75%.

SERBIA: Serbia’s Public Debt Administration sold at an auction on Thursday the planned RSD 10bn (equivalent to €0.08bn) of May 2017 T-bonds carrying an annual coupon of 8%.

CESEE MARKETS: Trailing gains in major global bourses emerging stock markets moved broadly higher in European trade on Friday, on the perception that the Fed will not rush to raise interest rates soon. In a similar mode,  regional currencies broadly firmed earlier today and government bonds retained a firm tone following yesterday’s recovery.

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Daily Overview May 15, 2015

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