Daily Overview of Global Markets & the SEE Region (Friday, July 10, 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: European bourses rallied in morning trade on Friday, as Chinese equities surged for the second  consecutive day and Greece’s new proposed reform plan raised hopes of a deal between Greece and its creditors over the weekend. In FX markets, the euro rose against its major currency peers on renewed optimism about a Greek deal. Elsewhere, 10-year Bunds eased and most 10-year European peripheral yield spreads over the corresponding German tightened.

GREECE: The Greek government submitted late Thursday evening to the institutions as well as to Hellenic Parliament a detailed package of reforms, following a 3-year loan request to the European Stability Mechanism (ESM) earlier in the week. A debate on the aforementioned measures is scheduled to start in the Hellenic Parliament at 19.00 EEST, with a vote to follow in order to give the government the authorization to commence negotiations with official creditors on the requested loan based on the reforms submitted earlier this week. Tomorrow a Euro Working group is scheduled for 11.00 EEST in order to examine the Greek proposals, while a Eurogroup will be held at 16.00 EEST.

SOUTH EASTERN EUROPE

BULGARIA: According to media reports, Economy Minister Bozhidar Lukarski said on Thursday that “there is no turmoil in the banking system”, adding that Greek-owned banks in Bulgaria are “under controls” so that funds are not sent to Greece.

ROMANIA: Consumer inflation came at -2.95% mom/-1.55% yoy in June vs. +0.5% mom/+1.2% yoy in May significantly lower than market consensus (Bloomberg:-2.0% mom/-0.6%yoy).

SERBIA: In line with the market’s and our expectations, Serbia’s Central Bank (NBS) stayed put on its monetary policy on Thursday’s MPC meeting maintaining its key policy rate at a record low of 6.00%.

CESEE MARKETS: Emerging stock markets moved broadly higher in European trade on Friday, in view of a rebound in Chinese equities and optimism about an imminent agreement between Greece and the institutions. A similar positive trend prevailed in CESEE currencies and government bonds earlier today.

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Daily Overview July 10, 2015

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