Daily Overview of Global Markets & the SEE Region (Monday, October 03, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on October 3, 2016 at 10:53 AM

Platon MonokrousosHIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Investor appetite for risk taking improved on Monday on reports suggesting that Deutsche Bank is negotiating with the US Department of Justice a much smaller than initially decided fine.  In FX markets, the USD was slightly stronger against its G10 peers with the GBP and NZD the key underperformers. Regarding the rest of the week, the main data highlight is the US’ September non-farm payrolls report due on Friday.

GREECE: According to press reports that cited unnamed European official sources, the pending prior actions from the 1st programme review will soon be closed opening the way for the October 10thEurogroup to approve the release of the remaining €2.8bn sub-tranche. According to the Hellenic Statistical Authority (ESLTAT), the seasonally adjusted overall volume index in July 2016 rose 4.9% compared to June 2016. According to Markit, Greece’s manufacturing PMI slipped back into contraction territory in September 2016 coming in at 49.2, just below the no-change threshold, while the average PMI for Q3 2016 was 49.4 indicating a small contraction in the manufacturing sector.

SOUTH EASTERN EUROPE

BULGARIA: The domestic stock market staged an impressive rally last week with the main SOFIX index breaching the key level of 500 points for the first time in a year. Meanwhile, on the local currency bond market, the benchmark yield curve shifted downwards in the mid and long-end, while Eurobonds were little changed.

ROMANIA: The EUR/RON remained bound within a very tight range of 4.4425/525 for most of last week. On the money market, short term RON interest rates were also little changed, while local currency government bonds remained supported. In other news, the MoF re-tapped the 12-year 2028 Eurobond issue on Wednesday, which received strong demand.

SERBIA: The EUR/RSD hovered around a range of 123.10 – 123.55 last week. Meanwhile, the Serbian Debt Administration released the Q4 T-bill/bond auction schedule.

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Daily Overview October 3 2016

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