Daily Overview of Global Markets & the SEE Region (Tuesday, May 17, 2016)

Banking, Company Profiles, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on May 17, 2016 at 9:59 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: Hawkish comments by Richmond Fed President Jeffrey Lacker following a firmer than expected US retail sales report last week counterbalanced any positive  impact in sovereign bond markets yesterday’s disappointing US data. That said, US Treasury yields moved higher helping the USD to gain some ground against the majority of its currency peers. Looking at today’s calendar, focus is on US inflation data for April.

GREECE: According to the local press, the Greek government is expected to submit to the Hellenic Parliament by tomorrow morning (Wednesday, May 18) a multi-bill containing the legislation for the implementation of the remaining 17 prior actions attached to the 1st programme review. The said multi-bill is reportedly expected to come for vote on Sunday afternoon (May 22). Assuming that it secures parliamentary approval, the Euroworking Group which is scheduled to convene on Monday, May 23 is expected to confirm the successful completion of the review at a technical level.

SOUTH EASTERN EUROPE

CESEE MARKETS: Trailing gains in major global bourses earlier today, the majority of emerging stock markets recovered further ground in early European trade primarily led by a rally in technology shares and rising commodity prices. A similar picture was evidenced in FX and government bond markets. Looking into the remainder of the week, Serbia’s Central Bank monetary policy meeting on Tuesday and the election of a new AKP leader in Turkey on Sunday take centre stage on a regional level.

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Daily Overview May 17 2016

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