Daily Overview of Global Markets & the SEE Region (Wednesday, April 13, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on April 13, 2016 at 10:18 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: Global oil prices were higher in European trade on a report suggesting that Russia and Saudi Arabia have agreed to freeze output ahead of the key April 17th meeting between members of OPEC and other major oil producers. Firmer oil prices and positive trade data from China, triggered a fresh bout of global risk appetite. Looking at today’s calendar, focus is on US retail sales for March while the Fed releases its Beige Book at 20:00 CET.

GREECE: In a joint press conference yesterday, Greece’s Minister of Finance Euclid Tsakalotos and Minister of Labor, Social Insurance and Social Solidarity Giorgos Katrougalos revealed that, even though there is still no staff level agreement with official creditors on the conditionality attached to the 1st programme review, the government intends to submit to Parliament next week two draft bills containing respectively the relevant legislation for the income tax reform and the overhaul of the social security pension system. According to the draft Memorandum of Financial and Economic Policies (MFEP) which was compiled during the last round of official discussions in the context of the programme review and was leaked to local newswires, the IMF claims that “despite generous concessional official financing and further reform plans” Greece’s public debt is “highly unsustainable” and it would be essential for European creditors to “grant further official debt relief” to restore debt sustainability

SOUTH EASTERN EUROPE

BULGARIA: Inflation printed at -0.7% MoM/-1.5% YoY in March down from -0.3% MoM/-0.5% YoY in February.

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Daily Overview April 13 2016

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