Daily Overview of Global Markets & the SEE Region (Tuesday, November 29, 2016)

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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: Major currency pairs remained within recent ranges in European trade on Tuesday, ahead of a string of major risk events in the coming sessions including the OPEC meeting on Wednesday, US November non-farm payrolls data on Friday and the Italian constitutional referendum on Sunday that will coincide with the repeated presidential election in Austria. Elsewhere, US Treasury yields were little changed on a daily basis and Bunds outperformed the majority of EMU periphery markets, on lingering euro area political woes. Looking at the day ahead, focus is on the second release of the US Q3 GDP and the US Conference Board consumer confidence for November.

GREECE: Speaking at a conference in Athens yesterday, Greek FinMin Euclid Tsakalotos expressed his concern over the potential need for Greece to take additional measures in order to allay the IMF’s worries that a 3.5% primary surplus beyond 2018 is not attainable and bring the Fund into the programme At the same conference, EU Commissioner for Economic Affairs Moscovici claimed that the IMF’s participation in the programme is necessary and appeared confident that a comprehensive agreement incorporating, provisions on the debt relief measures and primary surplus targets, at the December 5 Eurogroup is feasible. In October 2016 total credit extended to the domestic private sector contracted -1.6%YoY, from -1.7%YoY in the previous month while private sector deposits reached €124.6bn, higher by €1.2bn compared to the previous month.

SOUTH EASTERN EUROPE

CESEE MARKETS: The majority of emerging market assets moved broadly lower earlier on Tuesday following losses in Wall Street overnight. In addition, investor caution prevailed ahead of the OPEC meeting of oil producers tomorrow, key labour data from the US on Friday and the Italian referendum on Sunday.

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Daily Overview November 29 2016

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