Daily Overview of Global Markets & the SEE Region (Friday, April 28, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In line with market expectations, the ECB stayed put on its monetary policy meeting on Thursday and saw no need to deviate from the guidance provided so far. The less dovish tone President Mario Draghi adopted at the press conference compared to that of last month, favored European government bonds with periphery yields outperforming. In FX markets, the EUR was modestly firmer supported by better than expected Q1 GDP data from Spain.

GREECE: According to Greek government officials a staff level agreement with the institutions (EC/ECB/ESM/IMF) in the context of the 2nd programme review is likely by Wednesday at the latest. Following the staff level agreement the required measures are expected be legislated by the Hellenic Parliament by May 15th while a global deal will consequently be sealed at the May 22nd Eurogroup where more clarity on the issue of medium term debt relief is also expected to be provided. Eurostat released yesterday the business and consumer survey results for April 2017 according to which the Economic Sentiment Indicator in Greece rose slightly for the second month in a row to 94.9 index units (i.u.) from 93.4 i.u. in March.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets traded water earlier today, with geopolitical tensions casting a negative tone in global risk sentiment and positive macroeconomic data from the Eurozone providing some respite.

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