Daily Overview of Global Markets & The SEE Region (Tuesday, April 18, 2017)

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Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: While major Asian shares traded mixed on Tuesday, equity markets in Japan closed in the black following US Treasury Secretary Steven Mnuchin’s comments that the US dollar’s strength is positive over the long-term. Against this backdrop, the USD/JPY gained some ground while the rebound is US Treasury yields also supported the US dollar. Nevertheless, the upward momentum of the USD was rather capped by escalating geopolitical worries, after U.S. Vice President Mike Pence said on Tuesday that the U.S. government will reevaluate the free trade agreement between the US and South Korea amid heavy barriers from the latter on U.S. business. US-Japan economic dialogue between U.S. Vice President Mike Pence and Japan’s Finance Minister Taro Aso in Tokyo due later today also weighs on investors’ sentiment.

GREECE: Following a framework agreement on the 2nd programme review that was sealed at the April 7 Eurogroup, technical teams representing official lenders are reportedly expected to return to Athens the week commencing April 24. Meanwhile, before the technical teams’ arrival, the Hellenic Statistical Authority (ELSTAT) is scheduled to release on Friday, April 21 the primary surplus figure for 2016, which is expected to be formally certified by the Eurostat’s excessive deficit procedure statistics due on April 24.

SOUTH EASTERN EUROPE

BULGARIA: The major benchmark SOFIX index ended nearly unchanged at 657.79 points, slightly below its 8.5-year fresh high from a week earlier. Yields on domestic bonds slid by around 6-8 bps in the short-end while the Eurobond market remained very quiet last week.

ROMANIA: According to the latest NBR data, the current account balance switched to a €204 mn surplus in the first two months of the year up from a €139mn in the same period last year. 

CESEE Markets: The Turkish lira gained modestly against the USD on Tuesday trade after erasing most of its post-referendum profit on Monday.

Viewers can log herebelow and read the full report: Daily Overview April 18 2017

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