Daily Overview of Global Markets & the SEE Region (Friday, November 10, 2017)

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



GLOBAL MARKETS: Taking their cue from Wall Street’s modest losses overnight, major European bourses opened lower on Friday on the back of increased worries over the prospects of the US tax reform bill. US Senate Republicans unveiled their own tax draft bill late on Thursday that differed in several key areas from that released by the House of Representatives last week. Tax-related concerns took their toll on the USD. Turning to bond markets, USTs were weaker earlier today as concerns about the US tax reform bill were more than offset by bond supply jitters. European bonds were also weaker, in reaction to the European Commission’s upwards revised euro area GDP growth forecasts.

GREECE: With regard to electronic auctions, the Minister of Justice Stavros Kontonis met with representatives of notaries, who have decided to abstain from their duties until 31 Decemberdue to incidents of violence against them, and reportedly decided the ex officio prosecution of such offenses as well as increased security measures in Courts. In its autumn forecasts the European Commission has revised downwards its 2017 forecast for real GDP growth in Greece from 2.1% in the spring forecasts to 1.6% mainly due to weaker-than-expected private consumption in H1 2017. Nevertheless, in H2 2017, private consumption and investment are expected to be robust on the back of improved business and consumer sentiment and an improving labour market. According to the Hellenic Statistical Authority, in August 2017 unemployment contracted further to 20.6% from 20.9% in July, while employment increased by 2.8%.

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Daily Overview November 10 2017

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