Daily Overview of Global Markets & the SEE Region (Friday, September 22, 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: Major government bonds were modestly firmer in European trade on Friday on renewed geopolitical jitters while, in FX markets, favored by their safe-haven allure in times of increased uncertainty, both the JPY and the CHF outperformed. Looking at today’s calendar, focus is on UK Prime Minister Theresa May’s speech in Florence, reportedly set for 12:15pm UK time. According to press reports, she is expected to signal her government’s willingness to make concessions to the EU-27 aiming to secure a two-year transition period after Brexit takes effect in March 2019.

GREECE: During his speech at the 12th Annual Greek Roadshow in London, Alternate Minister of Finance George Chouliarakis reportedly stressed the importance of the swift completion of the 3rd programme review (expected to commence in mid-October) as it will allow Greece to recover, gain momentum and retrieve full and sustainable access to the financial markets. According to the Bank of Greece, in July 2017 travel receipts, which account for c. 21% of total annual travel receipts, increased by 5.3%YoY (against -6.1%YoY in July 2016), while for the period Jan – Jul 2017, travel receipts, which account for c. 48% of total annual travel receipts, rose by 6.4%YoY (against -7.2%YoY in Jan-Jul 2016).

SOUTH EASTERN EUROPE

CESEE MARKETS: Renewed geopolitical jitters in the Korean peninsula weighed on emerging market assets earlier on Friday. Meanwhile, an S&P downgrade on China’s and Hong Kong’s sovereign credit ratings in the prior session and the post-FOMC meeting signals earlier in the week for further monetary tightening this year despite a recent softness in inflation, appeared to continue having a negative impact on risky assets. No major events or data announcements are expected today in the CESEE space.

Viewers can log herebelow and read the full report: Daily Overview September 22 2017

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