Daily Overview of Global Markets & the SEE Region (Friday, August 04, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on August 4, 2017 at 11:23 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Mirroring the negative sentiment in Wall Street overnight, global equity indices traded in the red on Friday after the Wall Street Journal reported that Special Counsel Robert Mueller has empaneled a grand jury in Washington to investigate Russia’s purported interference in the 2016 US presidential election. In FX markets, the DXY dollar index initially firmed yesterday moving slightly above 93.000 after positive US initial claims data underscored labor market strength, but gave up gains trading close Wednesday’s 15-month low of 92.548 after the July release of the services sector survey. Elsewhere the EUR/GBP traded yesterday as low as 0.8924 during European trading, but then increased to a 9-month high of 0.9050 following the BoE’s more dovish than expected policy announcement. Cautious comments by Governor Mark Carney and a generally more dovish BoE’s policy stance and led to a sizeable bond rally, with most government bond market yields moving remarkably lower.

GREECE: The electronic platform for the out-of-court workout that was launched yesterday reportedly attracted 6,000 visitors who entered the platform by using their tax codes, 2,300 of them proceeded to the verification of their data while 300 were deemed un-eligible to fall under the new framework. Capital controls – imposed in Greece on 28 June 2015 – are to be further relaxed as of 1 September 2017 according to the ministerial decision signed by the Minister of Finance Euclid Tsakalotos and published yesterday.

SOUTH EASTERN EUROPE

CYPRUS: According to the CBC data, banks are lagging behind in the achievement of their respective NPFs restructuring targets in Q1-2017.

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