Daily Overview of Global Markets & the SEE Region (Tuesday, June 13, 2017)

Company Profiles, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on June 13, 2017 at 11:31 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In FX markets, CAD was among the main outperformers supported by Senior BoC Deputy Governor Carolyn Wikins’s hawkish comments. GBP remained under pressure amid lingering political uncertainty after last week’s snap elections resulted in a hung parliament. Meanwhile, the majority of European bourses started Tuesday’s session on an improved tone recouping part of the previous session’s losses as the recent global sell-off in tech shares shows signs of easing. Fixed income safe havens were little changed ahead of the conclusion of this week’s two-day FOMC policy meeting on Wednesday.

GREECE: According to the June 15th Eurogroup agenda, tomorrow’s meeting will deal with the implementation of the prior actions and the analysis of debt sustainability which are important steps towards the finalisation of the 2nd programme review and the unlocking of further disbursement of financial assistance to Greece. The discussion on the sustainability of Greece’s debt in particular will aim at finding a common approach shared by the Euro area members and the institutions (EC/ECB/ESM/IMF). On the privatisations front, the Greek government reportedly expects the sale of TRAINOSE S.A. for €45 million to Ferrovie dello Stato Italiane S.p.A., which was signed in January 2017 to be closed soon upon the completion of various pending items.

SOUTH EASTERN EUROPE

SERBIA: Headline CPI fell by 0.5%MoM in May, bringing the annual rate of increase to 3.5%YoY, below a 3 ½ year peak of 4.0% in the prior month.

CESEE MARKETS: In the local debt markets, Romania sold on Monday a planned amount of RON 600mn (€132mn) of 2020 T-Notes. Looking into the remainder of the week, the focus is on Turkey’s MPC meeting on Thursday, while sovereign credit rating reviews on Serbia by S&P and Fitch are on the spotlight on Friday.

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