Daily Overview of Global Markets & the SEE Region (Wednesday, May 10, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on May 10, 2017 at 10:07 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Market perception that fading political risks in Europe after centrist Emmanuel Macron won the French Presidential elections will likely open the way for the ECB to scale back its monetary stimulus, continued to weigh on core euro area sovereign bonds. In a similar note, US Treasury bond yields were standing not far from recent multi-week highs on the back of growing expectations for higher Fed interest rates in the coming months and a cramped calendar of corporate bond issues. In FX markets, the DXY was weaker on a daily basis on news that the FBI Director had been fired. In the absence of major data releases for the remainder of the day, focus today is on ECB President Mario Draghi who is scheduled to address the Dutch parliament at 13:00 CET.

GREECE: Greek PM Alexis Tsipras stated yesterday that Greece is closer than even to a substantial solution on debt relief and that this solution is now mainly the institutions’ clear obligation. Slovakia’s Finance Minister Peter Kazimir reportedly stated earlier today that the IMF will provide funding to Greece with an amount that is not important but really symbolic, adding that technically the IMF must be on board.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were mostly firmer earlier on Wednesday thanks to strong corporate earnings reports and as the USD gave back some of yesterday’s hefty gains.

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