Daily Overview of Global Markets & the SEE Region (Monday, June 13, 2016)

Banking, Company Profiles, Markets, Person Profiles, Reports, Statistics, Stock Markets — By on June 13, 2016 at 11:28 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: Market jitters over the UK’s EU referendum scheduled for June 23rd remain at the forefront after a number of opinion polls released over the weekend suggested that the outcome remains too close to call. Major European equity markets kicked off the week on a negative note, major global sovereign bond markets retained a firm tone and both the JPY and the CHF were among the main outperformers in FX markets favored by their safe-haven appeal.

GREECE: The Board of Directors of the ESM, which is scheduled to convene on June 16th, is expected to give the final approval for the disbursement of the 1st ESM loan sub-tranche to Greece. The sub-tranche will amount to €7.5bn, of which €5.1bn will cover short-term debt servicing needs and €2.4bn state arrears.

SOUTH EASTERN EUROPE

ROMANIA: The EUR/RON remained last week within the recent 4.5000/250 trading range held since mid-May. Separately, there is still no significant change in money market rates, as the market remains very liquid in RON, with the short term rates still stuck close to the deposit facility rate of 0.25%. Meanwhile, RON government bonds benefitted amid expectations of no Fed hike for now, which added to persistent low inflation in Romania.

SERBIA: The EUR/RSD was little changed last week remaining bound within a 123.15/35 – 123.40/60 trading range. Looking into the summer, the dinar is likely to recover some ground due to seasonal factors.

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Daily Overview June 13 2016

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