Daily Overview of Global Markets & the SEE Region (Friday, October 6, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on October 6, 2017 at 9:53 AM

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



GLOBAL MARKETS: Spanish government bonds were firmer in European trade on Friday on news that the Spanish Constitutional Court suspended the Catalan parliament session planned for next Monday in a move to stop it from making a unilateral declaration of independence. Meanwhile, US government bond yields retained an upward trend as investors seem to continue to adjust upwards their short-term Fed rate hike expectations following the FOMC’s more hawkish than expected tone at the September 20 policy meeting and news that the House Budget Committee approved the FY-2018 budget resolution that includes a provision for tax cuts of $1.5trn over the next ten years. Looking at today’s calendar, we await the release of US non-farm payrolls for September, which will likely reflect the impact from hurricanes Harvey and Irma.

GREECE: The EC Vice President Valdis Dombrovskis identified as priorities of the upcoming 3rd programme review – expected to commence in mid-October – the progress in the structural reforms and the FY-2018 state budget, which must ensure that the 3.5% of GDP primary surplus target will be achieved. With regard to the Hellinikon concession, the European Commission stated that the Greek authorities are committed under the terms of the Memorandum of Understanding to take necessary measures to promote the specific privatisation project. According to the Hellenic Statistical Authority (ELSTAT), in July 2017 the unemployment rate eased to 21.0% from 21.3% in June 2017.

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