Daily Overview of Global Markets & the SEE Region (Thursday, November 26, 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: The EUR remained under pressure in European trade on Thursday and German government bonds retained a firm tone amid heightened expectations for further ECB monetary policy stimulus at the next policy meeting on December 3rd. Today sees a relatively light global calendar while US markets are closed for Thanksgiving.

GREECE: The milestones that will be attached to the release of the next ESM loan installment (€1bn) will reportedly incorporate 10 items including, inter alia, a comprehensive strategy for the resolution of domestic banks’ non-performing loans (NPLs), privatization of ADMIE or an alternative equivalent plan and a fiscally-neutral reform of the unified wage. The Hellenic Parliament is reportedly expected to vote on the relevant legislative law(s) by December 22nd. 

SOUTH EASTERN EUROPE

ROMANIA: The consolidated government surplus came in at RON9.0bn or 1.3% of projected GDP in the 10M-2015 up from a RON1.9bn surplus or 0.3% of GDP in the same period last year.

SERBIA: Average gross salaries and wages decreased for the 9th month running in October, falling by 3.3%YoY in real terms after a 1.9%YoY drop in the prior month.

CESEE MARKETS: The majority of emerging stock markets moved modestly higher in early European trade on Thursday ahead of the Thanksgiving holiday in the US, with the timid recovery in commodity prices so far this week favouring related equity. In FX markets,  CESEE currencies remained under pressure as global risk sentiment remains fragile in view of the recent flare up of geopolitical tensions. In the local rates markets,  government bonds broadly firmed.

Daily Overview November 26 2015

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