Daily Overview of Global Markets & the SEE Region (Thursday, September 14, 2017)

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: US inflation data for the month of August lure market attention today ahead of next week’s FOMC monetary policy meeting. Consensus is for a 0.4%mom rise in the headline, the largest monthly increase since January, mainly on the back of higher oil prices, with the annual rate expected to accelerate to 1.8% from 1.7% in July. The BoE is also scheduled to publish today the decision of the MPC meeting ending on September 20th.  In spite of mounting inflationary pressures, the Central Bank is expected to decide unchanged monetary policy amid further signs of a slowdown in UK economic activity with 2 members of the 9-seat Committee, Michael Saunders and Ian McCafferty, breaking ranges once again and casting a vote in favour of a 25bps rate hike. Meanwhile, major currency peers remained within recent ranges while Bund yields moved further higher to fresh multi-week highs, in line with UK Gilts, as higher than expected UK inflation data released earlier this week continued to have an impact.

SOUTH EASTERN EUROPE

CESEE MARKETS: In FX markets, the Polish zloty remained under pressure amid intensified frictions between Poland and the EU over judiciary reforms. Looking into today’s CESEE calendar, the focus is on Turkey’s MPC meeting.

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Daily Overview September 14 2017

 

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