Daily Overview of Global Markets & the SEE Region (Thursday, October 12, 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: Taking their lead from Wall Street overnight, where US equities reached new record highs, major Asian shares hit multi-year peaks on Thursday. Reacting to the FOMC meeting minutes release, the US dollar remained under pressure. Easing political concerns over Catalonia that stopped short earlier in the week of formally declaring independence from Spain and increasing signs of robust economic activity in the euro area recently have been positive factors that favored the common currency. In the bonds markets, Italian 10-yr government yields fell at a three-week low of ca. 2.13% earlier today after the Italian government won on Wednesday two confidence votes on the proposed electoral law. Today’s calendar for the US include PPI for September and weekly jobless claims, while, in the euro area, industrial production for August is due later in the day.

SOUTH EASTERN EUROPE

CESEE MARKETS: The majority of emerging market assets firmed earlier on Thursday as global risk apetite improved. In other news, the IMF revised its forecasts for the fiscal metrics of Cyprus in the latest publication of Fiscal Monitor released yesterday.

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