Daily Overview of Global Markets & the SEE Region (Tuesday, June 27, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on June 27, 2017 at 11:39 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: German Bund yields held near recent lows in European trade ahead of a speech by ECB President Mario Draghi at the fourth annual ECB Forum on Central Banking in Portugal (10:00 CET). In FX markets, USD remained under pressure against the majority of its currency peers while GBP was little changed on the day failing to capitalize on news that UK PM Theresa May reached a deal with Northern Ireland’s Democratic Unionist Party (DUP) for the formation of a coalition government on a so-called “confidence and supply” basis in return of at least £1bn in extra funding for Northern Ireland. The BoE is scheduled to publish its Financial Stability Report (11:30 CET), followed by a press conference by Governor Mark Carney (12:00 CET). Furthermore, a number of Fed officials are due to speak today including Chair Janet Yellen (19:00CMT).

GREECE: Replying to an MEP on whether the ECB has concluded its own debt sustainability analysis for Greece’s public debt and if so, what its main conclusions were, the Central Bank’s President Mario Draghi stated that the ECB is not currently in a position to complete a fully-fledged DSA analysis as the level of detail on the debt measures agreed at the June 15th Eurogroup is still insufficient to properly assess both their quantitative effect and the timing of their impact on the dynamics of Greece’s public debt under a number of scenarios. The Hellenic Republic Asset Development Fund launched yesterday the tender process for the sale of a 66% stake in the Hellenic Gas Transmission System Operator S.A. (DESFA). According to the final State Budget Execution data for January – May 2017, the budget balance recorded a deficit of ca €1.24 bn, ca €0.0.79 bn narrower relatively to the respective 2017 Budget target (deficit €2.03 bn). The primary balance recorded a surplus of ca €1.84 bn, outperforming the 2017 Budget target (primary surplus €1.05 bn).

SOUTH EASTERN EUROPE

CESEE MARKETS: In FX markets, most CESEE currencies were little changed earlier on Tuesday. However, the Romanian leu outperformed its regional peers after President Klaus Iohannis nominated on Monday outgoing Economy minister Mihai Tudose as Prime Minister designate, adding to optimism that the current domestic political turmoil will be soon resolved.

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