Daily Overview of Global Markets & the SEE Region (Friday, June 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: Global equity markets were firmer in early trade on Friday supported by solid May manufacturing PMI readings from both sides of the Atlantic. In FX markets, the USD gained some ground on the view that today’s US non-farm payrolls report for May will confirm an ongoing improvement in labor market conditions. Elsewhere, the 10-yr Bund yield retreated to the lowest level in nearly six weeks, with the Italian/German yield spread widening by some 20bps from last week’s 4 ½ month low amid increased expectations for early elections in Italy.

GREECE: In view of the upcoming June 15th Eurogroup meeting no change has apparently been made to the latest proposal regarding the issue of debt relief for Greece, which entails the IMF remaining in the programme in an advisory/supervisory capacity and re-considering contributing funds after the German federal elections in September 2017. The June 6th Euroworking Group teleconference will reportedly be confined to assessing the completion of the prior actions attached to the 2nd programme review and will not deal with the debt issue. The Markit PMI Manufacturing index for Greece improved slightly in May 2017 coming in at 49.6 up from 48.2 in April.

SOUTH EASTERN EUROPE

SERBIA: Final national accounts data showed real economic activity grew by 1.2%YoY in Q1 2017, revised from a preliminary 1.0%YoY estimate.

CESEE MARKETS: The majority of emerging market assets retained a firm tone earlier on Friday on improving global risk sentiment.

Viewers can log herebelow and read the full report: Daily Overview June 2 2017

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