Daily Overview of Global Markets & the SEE Region (Tuesday, May 02, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The majority of global equity markets were firmer in early trade on Tuesday, with investors focusing on stronger than expected US tech industry earnings and easing worries over North Korean after U.S. President Donald Trump left the door open for a meeting with North Korea’s supreme leader Kim Jong Un. In the rates markets, the 30yr Treasury yield rose above 3.0% for the first time in three weeks, following US Treasury Secretary Steven Mnuchin’s comments that the issuance of long-term bonds with maturities beyond 30 years “can absolutely make sense”. Lifted by higher US government bond yields and reduced risk aversion, the US dollar hit a one-month high of 112.19 against the JPY.

GREECE: A preliminary agreement was reached earlier today between Greece and its official lenders (EC/ESM/ECB/IMF) in the context of the 2nd programme review, which had initially started in October 2016. The preliminary agreement is the precursor of the staff level agreement (SLA) which is expected to be reached once the issue of the medium-term debt relief framework has been addressed. The latest round of talks, which commenced on April 24th and was concluded this morning, was based on the framework that was agreed at the April 7th Eurogroup. The ESM stated earlier today that the preliminary agreement will now be complemented by further discussions in the coming weeks on a credible strategy for ensuring that Greece’s debt is sustainable.

SOUTH EASTERN EUROPE

SERBIA: Upward pressures on the EUR/RSD, instigated over recent weeks mostly due to seasonal factors, waned over the last few days leading to an appreciation of the dinar. However, the Central Bank intervened in the FX markets in order to halt any further downside for the pair.

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Daily Overview May 2 2017

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