Daily Overview of Global Markets & the SEE Region (18 May 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on May 18, 2015 at 11:23 AM
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: Weaker-than-expected US data on Friday reinforced market worries over the ability of the domestic economy to strongly rebound from the Q1 GDP soft patch and added to the view that the Fed will probably wait longer than currently expected before raising interest rates. Against this background, major European bourses opened higher today, taking their cue from the positive tone in Wall Street on Friday while the USD remained under pressure across the board.

GREECE: Speaking on Friday at The Economist’s annual financial event in Athens, Greece’s Prime Minister Alexis Tsipras stressed that an agreement, “honest and mutually beneficial”, between domestic authorities and the institutions has to be reached soon.

CYPRUS: Tourism arrivals increased by 11.3%YoY to 201, 495 in April 2015.

SOUTH EASTERN EUROPE

BULGARIA: The current account surplus increased by 31.6%YoY to €433mn in March, thanks to a narrower trade deficit. Meanwhile, foreign direct investment in Bulgaria fell by 74.7%YoY to €52.8mn over the same month.

ROMANIA: Being largely influenced by the  recent sell-off in core European bond markets, the EUR/RON spiked to a four month high of 4.4680 on Tuesday and government bonds came under renewed pressure last week.

SERBIA: The EUR/RSD remained range-bound around 120.65/85-120.15/35 last week, with the National Bank of Serbia (NBS) decision to lower its key policy rate by half a percentage point, to 6.50%, appearing to have a rather limited impact. Elsewhere, yields on government bonds mostly remained near the key policy rate over recent sessions.

CESEE MARKETS: Emerging stock markets closed broadly higher on Friday, on the perception that the Fed will not rush to raise interest rates soon. Most of regional currencies firmed last week as the US dollar remained under pressure, while upbeat Q1 GDP data, released over the last few days in the CESEE region also favored. In view of the recent rise in core Eurozone and US government bond yields, regional paper closed mixed on a weekly basis on Friday. Looking into this week, Turkey’s MPC meeting on Wednesday takes centre stage.

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Daily Overview May 18, 2015

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