Daily Overview of Global Markets & the SEE Region (Friday, May 19, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Market risk sentiment improved modestly in early trade on Friday. However, cautiousness prevails as political turbulence around US President Donald Trump continues with investors eagerly awaiting former-FBI Director James Comey’s testimony at a Senate hearing next week. In FX markets, the USD gained some ground supported by Thursday’s US positive data and hawkish comments by Cleveland Fed President Loretta Mester. Elsewhere, in response to the modestly improved tone of global equity markets and a hawkish shift in short-term Fed rate hike expectations, US Treasuries moved slightly lower with short-dated paper underperforming and the yield curve tilting slightly flatter.

GREECE: The multi-bill with the prior actions in the context of the second programme review was ratified yesterday by the Hellenic Parliament with all 153 SYRIZA-ANEL governing coalition MPs voting in favour of it and 128 opposition MPs rejecting it. Following the multi-bill voting, the Greek PM stated that Greece has now fulfilled its commitments on reforms and it is now expected that the May 22nd Eurogroup will come up with a decision on debt relief that will correspond to the sacrifices of the Greek people. With regard to the debt relief framework and the inclusion of Greek debt in ECB’s Public Sector Purchase Programme, ECB Executive Board Member Benoit Coeure reportedly stated that the ECB would like to see a clear description of the debt relief measures and how they would contribute to the sustainability of Greek debt.

SOUTH EASTERN EUROPE

CYPRUS: The positive momentum of the tourism sector continued in the fourth month of 2017.

CESEE MARKETS: Emerging market assets recovered some ground earlier on Friday as global risk sentiment somewhat improved.

Viewers can log herebelow and read the full report: Daily Overview May 19 2017

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