Daily Overview of Global Markets & the SEE Region (Friday, October 14, 2016)

Banking, Company Profiles, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on October 14, 2016 at 10:05 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



GLOBAL MARKETS: Increased short-term Fed rate hike expectations kept the USD well supported in early European market on Friday while the GBP retained a negative tone amid heightened concerns about a “hard” Brexit scenario. Elsewhere, European bourses were firmer in early trade and major government bond yields moved modestly higher following the release of stronger than anticipated inflation data from China. On the data front, today’s major releases include the US UM consumer confidence index and US retail sales for September while Fed Chair Janet Yellen is scheduled to address a conference in Boston.

GREECE: According to press reports, speaking at the Syriza party congress yesterday, the Greek PM Alexis Tsipras said that the 2nd programme review will close in due course and at the same time the measures for debt relief will be specified and Greece will participate in the ECB’s QE programme. In an interview the EC Vice President Vladis Dombrovskis claimed that there will be no change in the medium-term primary surplus targets until 2018. EC Commissioner Pierre Moscovici reiterated his position that a comprehensive agreement on reforms and on debt relief before the end of the year is possible. According to the Greek Tourism Confederation (SETE) for the 9-month period January – September 2016 international arrivals at Greece’s main airports increased 7.6% YoY (against 6.2%YoY in the corresponding period of 2015) presaging another record year in terms of arrivals.


SERBIA: Consumer prices declined by -0.5%MoM/-0.6% YoY in September down from 0.0% MoM/-0.3% YoY in August on renewed food prices drop. In other news, the finance ministry sold on Thursday RSD 19.2bn (~€ 0.16bn) worth of 2019 T-Bonds at an average accepted yield of 4.79%.

CESEE MARKETS: Emerging assets broadly firmed earlier on Friday, snapping a three-day streak of declines, following better than anticipated data from China and a recovery in oil prices.

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