Daily Overview of Global Markets & the SEE Region (Friday, June 9, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on June 9, 2017 at 11:14 AM

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

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The June  8th UK snap elections yielded a hung Parliament with the Conservative Party coming first but short of majority. In a knee-jerk reaction to the UK election outcome, the GBP weakened across the board, UK gilts gained some ground while the FTSE100 index was higher in early trade on Friday. Besides the UK elections, the ECB Governing Council meeting also convened on Thursday with President Mario Draghi providing no clear clues over the timeline for further QE extension or tapering. In line with market expectations on the back of remoted deflationary risks, the ECB adopted a slightly less accommodative forward guidance. However, the overall tone ECB President Mario Draghi adopted was more dovish than some expected, supporting the view that the ECB’s exit strategy will be very gradual.

GREECE: The Greek government submitted to the Hellenic Parliament yesterday a multi-bill containing reportedly all the remaining items that need to be legislated in the context of the 2nd programme review. The said bill is expected to be ratified today. IMF spokesperson Gerry Rice stated yesterday at a press briefing that progress is being made in the discussions on the issue of debt but “we are not there yet”. A likely option in this case is “an approval in principle” which allows more time for the negotiations on debt relief. According to the Hellenic Statistical Authority (ELSTAT) the seasonally adjusted unemployment rate in March 2017 was 22.5% compared to 23,8% in March 2016 and 22.9% in February 2017. Additionally, the Turnover Index in Accommodation and Food Service Activities Sector for Q1 2017 increased 1.0%YoY while the corresponding index for Q1 2016 had decreased -11.2%YoY. Finally, the Consumer Price Index for May 2017 increased by 1.7%YoY while in May 2016 the annual rate of change of the CPI was -0.9%.

Viewers can log herebelow and read the full report: Daily Overview June 9 2017

Tags: , ,

Leave a Reply

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 2 + 2 ?
Please leave these two fields as-is:

Trackbacks

Leave a Trackback