Daily Overview of Global Markets & the SEE Region (Thursday, October 19, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on October 19, 2017 at 11:59 AM

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



GLOBAL MARKETS: In a letter sent to Spanish Prime Minister Mariano Rajoy earlier today, Catalan leader Puigdemont said that the Catalan parliament will vote on a formal declaration of independence from Spain if the central government does not agree to hold talks with Catalonia. The prospect of the state government invoking Article 155 cannot be ruled out after the Spanish Prime Minister announced that he will hold a special cabinet meeting on Saturday to impose direct rule in Catalonia. Amid fears over a further escalation of the Spanish political crisis , German Bunds came under pressure while in the EMU periphery, Spanish sovereign bonds were among the most hit. In FX markets, the GBP moved lower, especially against the EUR, following today’s weaker than expected UK retail sales data. Today, the two-day European Council meeting starts in Brussels. The agenda includes, among others, the migration crisis, foreign affairs and the state of play of Brexit negotiations. On the latter, no major breakthrough should be expected as talks have come to a deadlock. In terms of data, today’s calendar is light leaving US initial jobless claims and US Philly Fed in the spotlight.

GREECE: The institutions’ (EC/ECB/ESM/IMF) heads are reportedly expected to arrive in Athens next week and remain for several days in order to discuss with competent Ministers the critical issues in the context of the 3rd programme review. Apparently, the top priority at this stage is the 2017 primary surplus target of 1.75% of GDP and the extent to which this is of a sustainable nature as well as the trajectory of fiscal revenue and whether any discrepancies in tax collection can endanger the attainment of the 2018 primary surplus target of 3.5% of GDP. The institutions’ heads will also examine the recent contract of the Greek government for the upgrade of F-16 fighter planes at a reported cost of EUR 2.4 billion.

Viewers can log herebelow and read the full report: Daily Overview October 19 2017


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