Daily Overview of Global Markets & the SEE Region (Monday, September 11, 2017)

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



GLOBAL MARKETS: Global equity markets kicked off the week in a positive tone on relief that the perceived threat of a North Korean missile or nuclear test during the weekend, when it celebrated the 69th anniversary of its founding, did not materialize. Waning worries about North Korea, along with easing concerns about the impact of Hurricane Irma in the US, pushed the US dollar higher in European trade on Monday, after recording its biggest weekly decline in two months. Turning to bond markets, improved investor sentiment tempered demand for US Treasuries and German Bunds although losses were limited. Euro area periphery government bonds underperformed on market talk that ECB policymakers shared the view at last week’s meeting for reduced policy stimulus in the foreseeable future. Focus this week centres on Thursday’s US CPI report for August.

GREECE: The technical staff of the institutions (EU/ECB/ESM/IMF) are reportedly expected to arrive in Athens today to assess the status of the remaining prior actions attached to the 2nd programme review and also prepare for the 3rd programme review. During a speech, ESM Managing Director Klaus Regling reportedly argued that Greece will most likely not need the whole remaining amount (c. €46 billion) that has been earmarked in the context of the 3rd Economic Adjustment Programme. According to the Hellenic Statistical Authority (ELSTAT), the consumer price index (CPI) of August 2017 compared with August 2016 increased 0.9%. In August 2016, the annual rate of change of the CPI was -0.9%.


SERBIA: The EUR/RSD moved upwards last week in response to the unexpected Central Bank decision to cut the key policy rate by 25bps to a new record low of 3.75% on Thursday.

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