Daily Overview of Global Markets & the SEE Region (Thursday, October 27, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on October 27, 2016 at 11:00 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: Wall Street pared earlier losses to close in a modestly negative territory overnight on better-than-expected Markit PMI releases. Mirroring the negative tone in Wall Street, most Asian equity indices closed in the red on Thursday. On the flipside, major European bourses opened higher snapping a three-day losing streak amid positive earnings’ results from some of Europe’s biggest banks. In FX markets, the EUR/USD consolidated around yesterday’s levels of 1.0910 at the time of writing, while waning expectations for an interest rate cut by the Bank of England next week have provided some support to the British pound. On the data calendar, US weekly jobless claims, September durable goods orders and pending home sales are expected to lure market attention today.

GREECE: According to the final State Budget Execution data for January – September 2016, the budget balance recorded a surplus of ca €0.59 bn, €3.62 bn narrower relatively to the respective 2016 Budget target. The primary balance recorded a surplus of ca €5.44 bn, significantly outperforming the 2016 Budget target.

SOUTH EASTERN EUROPE

BULGARIA: The government unveiled yesterday the main parameters of next year’s budget framework, which envisages a consolidated government deficit of 1.4% of GDP down from a recently projected balanced position in 2016.

CESEE MARKETS: Most emerging market assets remained under pressure for the third consecutive session earlier on Thursday on waning risk appetite. Bourses in the CESEE region were mixed on Thursday morning, while regional currencies were broadly weaker against a stronger US dollar.

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Daily Overview October 27 2016

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