Daily Overview of Global Markets & the SEE Region (Wednesday, November 01, 2017)

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



GLOBAL MARKETS: Mirroring gains in the majority of Asian bourses earlier today, European equity markets opened higher on Wednesday supported by improved global growth prospects. In FX markets, the USD was little changed on the day ahead of the expected release of the Republic House draft legislation on tax reform later today as well as the US President’s Fed chair nominee on Thursday. The FOMC monetary policy outcome, expected to be announced at 2 pm EST today following the conclusion of the two-day monetary policy meeting is unlikely to be a market mover. Looking at today’s diary, besides the FOMC policy announcement, focus is on the US manufacturing ISM and the ADP report ahead of Friday’s October non-farm payrolls report.

GREECE: The Greek Finance Minister Euclid Tsakalotos reportedly stated in an interview yesterday that the over-performance of the primary surplus for 2017 is expected to exceed EUR1.1 billion and that the way it will be distributed has already been broadly agreed with the institutions. He also mentioned the possibility of another exit to the financial markets in the coming weeks, potentially referring to the rumored swap of 20 PSI bonds with maturities from 2023 to 2042 with 4 or 5 new bonds. According to the Hellenic Statistical Authority, the overall volume index in retail trade in August 2017 increased by 0.1% compared to August 2016, while the seasonally adjusted overall volume index in retail trade in August 2017 decreased by 3.3% compared to July 2017.


CESEE MARKETS: In Serbia, economic activity picked up pace in Q3, following a notable slowdown in H1 2017. According to the Q3 flash estimate that was released yesterday, real GDP growth came in at 2.1%YoY, outpacing a market median forecast of 1.7%YoY.

Viewers can log herebelow and read the full report: Daily Overview November 1 2017

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