Daily Overview of Global Markets & the SEE Region (Wednesday, June 14, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: All eyes today are on the FOMC monetary policy meeting where a 25bps rate hike is nearly fully priced-in. The FOMC policy announcement is scheduled for 18:00GMT followed by the usual press conference by Chair Janet Yellen. With investors awaiting the conclusion of the FOMC meeting, the USD was little changed while GBP was slightly firmer. According to press reports, an agreement between UK Prime Minister Theresa May and Northern Ireland’s Protestant party DUP for the formation of a Conservative minority government is expected to be signed today. EMU periphery sovereign bonds retained a positive tone with Italian paper outperforming.

GREECE: With regard to Greece, the June 15th Eurogroup will discuss the following issues: 1) the assessment of the progress made in the fulfilment of the prior actions attached to the 2nd programme review, 2) the medium-term fiscal targets beyond 2018, and 3) the possible debt measures that may accrue, if necessary, after successful completion of the programme by mid-2018. Meanwhile, the Greek government is reportedly aiming at an agreement that will make a specific reference to the French proposal, the central idea of which is the linkage of the medium-term debt relief measures to GDP growth through an automated mechanism that will determine the breadth of the debt relief package to be adopted.

SOUTH EASTERN EUROPE

ROMANIA: The current account deficit widened to 0.8% of GDP in Jan-April up from 0.5% at the same period last year. According to media reports, the PSD leader asked the PM to step down.

CESEE MARKETS: In the local debt markets, Serbia sold on Tuesday RSD 7.225 (€59mn) of 2-year T-Notes at an average accepted yield of 4.65%. Looking into today’s calendar, all eyes are on the conclusion of the Fed’s monetary policy meeting.

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