Daily Overview of Global Markets & the SEE Region (19 May 2015)

Markets, News — By on May 19, 2015 at 2:09 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: The US home builder sentiment index unexpectedly fell in May, adding to market concerns about the growth momentum of the domestic economy and providing further support 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 lead from the positive tone in US major equity markets while the USD gained some ground.

GREECE: Addressing y-day the annual general meeting of the Hellenic Federation of Enterprises (SEV), Greece’s Prime Minister Alexis Tsipras said that Greece has now entered the “final straight’ in talks with official creditors for achieving “a mutually beneficial agreement“ that would include a “bold” investment programme addressing Greece’s long-term funding needs and would not violate the government’s “red lines”.

SOUTH EASTERN EUROPE

BULGARIA: Bulgaria’s finance ministry sold at an auction on Monday BGN 50mn (equivalent to €26.6mn) of February 2020 T-bonds that bear a coupon of 1.85%.

ROMANIA: The Ministry of Finance sold, as planned, at an auction on Monday RON 400mn T-bills maturing in May 2016.

SERBIA: Economy Minister Zeljko Sertic, Justice Minister Nikola Selakovic and the head of the Serbian Chamber of Commerce, Marko Cadez, reportedly signed on Monday, along with World Bank’s International Finance Corporation Manager for the Western Balkans Thomas Lubeck, a memorandum to implement a three-year programme aimed at reducing the high stock of non-performing loans (NPLs) and support private sector lending.

CESEE MARKETS: Emerging stock markets closed broadly lower on Monday, with Chinese shares posing among the main underperformers ahead of several IPOs due to come to market this week.  The picture was somewhat better in the CESEE region where the majority of bourses closed in the black yesterday. On the other hand,  regional currencies recoiled on Monday, remaining though near recent multi-session highs reached late last week, as the US dollar recovered some ground. In the local rates markets, government bonds closed mixed.

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Daily Overview May 19, 2015

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