Daily Overview of Global Markets & the SEE Region (Tuesday, November 22, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on November 22, 2016 at 10:59 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: Brent crude oil price moved higher amid increased expectations for a final agreement over an oil production cut at next week’s OPEC meeting. Global equity markets were firmer. In FX markets, the USD gave back some ground retaining though the majority of its recent hefty gains. The GBP/USD hit multi-session highs after UK President Theresa May gave the impression that the government will seek a transitional Brexit deal to avoid a “cliff edge” into uncertain trading conditions when the country leaves the European Union.

GREECE: The 2nd round of negotiations in the context of the 2nd programme review was concluded yesterday with the institutions reportedly submitting their proposal to the Greek authorities, which reveals that differences remain in a number of issues including the labour market reform, the medium term fiscal strategy, the resolution of NPLs and certain details pertaining to the NOME type auctions in the electricity market. The 2017 Budget that was tabled to Parliament yesterday foresees growth -0.3% and 2.7% for 2016 and 2017 respectively (same as in the draft Budget 2017 that was submitted in October 2016) but upward revised primary budget balances of 1.1%-of-GDP in 2016 and 2.0%-of-GDP in 2017 (from 0.63% and 1.83% in the draft Budget 2017 submitted in October).

SOUTH EASTERN EUROPE

SERBIA: According to the latest NBS data, the current account deficit declined by 22.2% YoY in January-September 2016.

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Daily Overview November 22 2016

 

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