Daily Overview of Global Markets & the SEE Region (Friday, October 13, 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: Market focus today is on US inflation data for September. Consensus is for a 0.6%mom rise in the headline, the highest since mid-2009 following an increase of 0.4%mom in the prior month mainly due to the hurricane-related rise in gasoline prices. Core inflation is expected to rise by just 0.2%mom as price pressures outside the energy sector are likely to remain moderate. Meanwhile, the GBP gained some ground standing 0.4% firmer on the day against the USD on speculation that, even though no major progress has been made in Brexit talks so far, the EU Council could open talks on future UK/EU future relationship at the December meeting if a settlement is reached by then on divorce terms.

 GREECE: Despite the IMF’s recent, slightly worse 2017 and 2018 forecasts for the Greek economy, the Fund’s Managing Director Christine Lagarde, reportedly stated in an interview yesterday that no additional measures shall be requested from Greece in the coming months, other than those already agreed. The Greek Finance Minister Euclid Tsakalotos claimed that Greece can collaborate with the IMF whether it’s in or out of the programme, but not when its role is unclear and is, therefore, intending to request that the Fund clear out its position towards Greece. Eurosystem funding for Greek banks continued to decrease in September 2017 amounting to EUR41.7 billion, against EUR45.3 billion in August 2017.

SOUTH EASTERN EUROPE

SERBIA: Headline CPI rose by 0.1% on a monthly basis in September, bringing the annual rate of increase to 3.2%YoY vs. 2.5%YoY in August.

Viewers can log herebelow and read the full report: Daily Overview October 13 2017

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