Daily Overview of Global Markets & the SEE Region (Tuesday, June 06, 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 opened lower on Tuesday as investors adopt a cautious stance ahead of a string of major events in the remainder of this week. Former FBI director James Comey is scheduled to testify before a Senate Committee on Thursday about an investigation into former National Security Advisor, the ECB Governing Council convenes on the same day and the UK holds snap general elections.  Market focus this week also shifts in Italy where parliamentary discussion on a new electoral law is scheduled to start in the lower house today. In FX markets, the USD was under pressure marking a fresh six-week low against the JPY.

GREECE: Speaking about Greece in an interview in German newspaper Handelsblatt, IMF Managing Director Christine stated that the conclusion of the IMF is that debt relief is needed but if European creditors need more time to work on this, the Fund could participate in the programme without contributing funds itself yet. According to the Hellenic Statistical Authority (ELSTAT) the available seasonally adjusted data indicate than in Q1 2017 the Greek economy grew 0.4%QoQ (revised upwards from the -0.1% flash estimate of May 15, 2017) and 0.4%YoY (revised upwards from the -0.5% flash estimate of May 15, 2017).

SOUTH EASTERN EUROPE

BULGARIA: Bulgarian equities closed higher last week, extending further their gains so far this week. Meanwhile, the belly of the local sovereign debt market yield curve (5-6y) lowered by around 7 bps on a weekly basis, while the Eurobond yield curve also slid lower last week, easing by 5bps for most maturities.

SERBIA: The EUR/RSD extended its downward trajectory last week, despite renewed intervention of the National Bank of Serbia in the FX markets to halt any further appreciation of the local currency.

Viewers can log herebelow and read the full report: Daily Overview June 6 2017

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