Daily Overview of Global Markets & the SEE Region (Tuesday, September 1, 2015)

Markets, News, Reports, Statistics, Stock Markets — By on September 1, 2015 at 11:12 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: Major Asian bourses lost significant ground on Tuesday, after China’s PMI manufacturing index fell to its lowest level since August 2012 exacerbating worries about the prospects of the Chinese economy. Mirroring losses in Wall Street overnight and the negative tone in Asian equity markets, major European equity indices were trading in the red at the time of writing. In FX markets, the weakness in equity markets favored the low-yielding euro and the safe-haven yen against the US dollar. In commodity markets, crude oil prices gave back some of their biggest three-session surge in 25 years. On the data front, investors will probably pay attention to the US ISM manufacturing index due at 17:00 GMT today.

GREECE: According to a number of public opinion polls published since August 24, four days after outgoing Prime Minister Alexis Tsipras submitted the resignation of his government to the President of the Hellenic Republic, SYRIZA runs ahead of New Democracy by a narrow margin.  As per the same opinion polls, the average popularity rate of SYRIZA stands below levels purportedly needed to secure an outright parliamentary majority i.e., 151 MPs in the 300-seat Parliament. On the data front, the year-on-year growth of the non-seasonally adjusted retail trade volume index fell by 0.4%YoY in June, recording the third annual decline so far this year. Elsewhere, the seasonally adjusted Markit Greece Manufacturing Purchasing Managers’ Index came in at 39.1 in August, well below the boom-or-bust level of 50.0 and one of the lowest readings in the survey’s history.

SOUTH EASTERN EUROPE

SERBIA: According to final national accounts data, real economic activity bounced back into positive growth of 2.2%QoQ seasonally adjusted in Q2 2015 after a 0.8%QoQ decline in the prior quarter, bringing the annual rate of increase to 1.0% from -2.0% in Q1 2015. Higher frequency data released yesterday signaled a further rebound in domestic economic activity in H2 2015. Firstly, industrial production growth remained robust in July (+13.0%YoY, non-seasonally adjusted), with a slowdown from 18.6%YoY in June likely attributed to the summer lull. Secondly, retail sales registered in July the highest rate of annual increase since January, (3.4% vs. 0.9% in June).

Viewers cn read the full report herebelow:

Daily Overview September 1 2015

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