Daily Overview of Global Markets & the SEE Region (Thursday, April 20, 2017)

Banking, Finance, Markets, Reports, Statistics, Stock Markets — By on April 20, 2017 at 11:16 AM

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



GLOBAL MARKETS: The majority of European bourses opened lower on Thursday as investors retain a cautious stance amid lingering geopolitical jitters and uncertainty related to the upcoming first round of France’s presidential election on Sunday, April 23rd. In FX markets, the USD remained under pressure as the recent string of weaker than expected US data and lingering market uncertainty over whether US President Donald Trump will manage to push through tax reforms any time soon, continued to weigh. In other news, the House of Commons voted on Wednesday overwhelmingly in support of a snap general election to be held on June 8th. On May 3rd the parliament will be dissolved and the presidential campaign will formally begin.

GREECE: In its Fiscal Monitor Report (April 2017) published yesterday, the IMF revised upwards its projection on Greece’s primary surplus for 2016 from 0.1% of GDP (IMF Fiscal Monitor October 2016) to 3.3% of GDP. Tomorrow the Hellenic Statistical Authority (ELSTAT) is expected to release the 2016 primary surplus figure, which is to be formally certified by Eurostat’s excessive deficit procedure on April 24 and, according to government sources, is projected well above 3.0% of GDP. For the years 2017 and 2018 the IMF has also revised its projections upwards to 1.8% and 2.0% of GDP respectively against 0.7% and 1.6% in October 2016 but below the target of 3.5% for 2018. For the period 2019 to 2022 the IMF foresees primary surpluses of 1.5%, which are significantly below the 3.5% medium term target of the 3rd Economic Adjustment Programme.


CESEE MARKETS: CESEE assets were mixed earlier on Thursday amid persisting geopolitical jitters.

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