Daily Overview of Global Markets & the SEE Region (Monday, October 16, 2017)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on October 16, 2017 at 9:02 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In to a letter sent to Spain’s Prime Minister Mariano Rajoy that was made public by Spanish media, Catalan President Carles Puigdemont failed to give a clear answer to whether or not he declared unilateral independence from Spain, paving the way for the central government to invoke Article 155 and take control of the region. Meanwhile, according to the preliminary results published by Austrian Interior Ministry, the centre-right Austrian People’s Party (ÖVP) was a clear winner at the October 15th general election with 31.4% but short of an absolute majority in the 183-seat parliament. The far-right Freedom Party of Austria (FPO) trailed behind with 27.4% and slightly ahead of the centre-left Social Democratic Party of Austria (SPÖ) with 26.7%. The grand coalition between ÖVP and SPÖ is unlikely to be continued and coalition government of ÖVP and FPÖ seems as the most likely coalition option. Market worries over a renewed flaring up of the situation in Catalonia and the likelihood of a far-right party entering into government in Austria, weighed on the EUR, while German Bunds retained a firm tone supported by weaker than expected US inflation data and worries over a renewed escalation of the crisis in Catalonia.

GREECE: The IMF’s Head of the European Department Poul Thomsen stated on Friday that the IMF is not asking Greece to take any additional fiscal measures under the bailout programme.

SOUTH EASTERN EUROPE

BULGARIA: The Bulgarian equity market experienced another week marked with losses and the domestic sovereign bond yield curve experienced considerable changes. Meanwhile, the Eurobonds market ended little changed last week.

SERBIA: The dinar lacked direction last week, despite a new cut in the key policy rate on Monday, that took markets by surprise.

Viewers can log herebelow and read the full report: Daily Overview October 16 2017

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