Daily Overview of Global Markets & the SEE Region (Monday, May 15, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Major European equity markets were slightly firmer in early trade supported by higher oil prices amid increased expectations that OPEC and non-OPEC members will agree at the May 25th meeting to extend production cuts into 2018. In FX markets, the USD moved lower following weaker than expected US retail sales and inflation data, which raised questions over whether the Fed would be inclined to raise interest rates by more than once by the end of this year. Elsewhere, fixed income safe-havens retained a firm tone.

 

GREECE: The multi-bill containing all the prior actions that need to be legislated in the context of the 2nd programme review was tabled to the Hellenic Parliament on Saturday, while the voting is scheduled for May 18th. With regard to the debt relief no decision has yet been made although it is understood that some convergence has been achieved between the IMF and European – mainly German – partners. The Hellenic Statistical Authority released today the seasonally adjusted Q1 2017 GDP Flash estimate, which stands at -0.1%QoQ (vs -1.2% in Q4 2016) and -0.5%YoY (vs -1.1% in Q4 2016).

SOUTH EASTERN EUROPE

BULGARIA: Bucking the positive trend in global as well as regional bourses, local equities posted negative returns last week. Meanwhile, the domestic sovereign debt market remained quiet ahead of the upcoming 10-year bond auction on Monday. Eurobonds, on the other hand, witnessed some mild steepening of the yield curve in the long-end.

SERBIA: The Central Bank intervened several times over the last few days around EUR/RSD levels of 123.00, maintaining the pair within a tight range of 122.90-123.25 last week.

Viewers can log herebelow and read the full report: Daily Overview May 15 2017

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