Daily Overview of Global Markets & the SEE Region (Wednesday, August 31, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on August 31, 2016 at 10:36 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: US stocks closed in the red overnight, as a decline in technology stocks dragged the S&P 500 Index lower for the fourth time in five days, ending 0.20% lower. Elsewhere, major equity indices in Asia and Europe traded mixed at the time of writing, ahead of the August US employment report due on Friday that is expected to provide further clues on the timing of the next Fed interest rate hike. In FX markets, the US dollar rose against its major currency peers, as traders pared short positions ahead of Friday’s nonfarm payroll report. Among key euro area macro data releases today are flash August inflation and July unemployment, while, in the US, the August ADP employment report and Chicago PMI are also expected to lure market attention. In terms of speeches by ECB officials, Villeroy is in Frankfurt and Praet features on a panel event in Beijing.

GREECE: The Greek government must proceed swiftly with the completion of the remaining prior actions in the areas of, among others, energy and privatisations for the disbursement of the €2.8bn ESM sub-tranche. Eurostat released yesterday the economic sentiment indicator for August 2016 for Greece, which increased for the second consecutive month to 92.5 from 90.9 in July and 89.7 in June. The improvement in economic sentiment resulted from an improvement in all business sectors except consumer confidence.

SOUTH EASTERN EUROPE

CYPRUS: The Economic Sentiment Index (ESI) jumped in August, coming very close to the pre-crisis all time high recorded in August 2007.

CESEE MARKETS: Emerging Market assets treaded water earlier on Wednesday as caution prevails ahead of a key US labour market data release later in the week, which is eagerly awaited by investors for any hints over the Fed’s monetary policy deliberations ahead.

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Daily Overview August 31 2016

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