Daily Overview of Global Markets & the SEE Region (Monday, December 04, 2017)

Banking, Finance, Reports, Shipfinance — By on December 4, 2017 at 10:40 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Taking an important step toward the enactment of the tax bill, the Senate approved late on Friday its own version of the draft legislation with 51 Republican votes. The USD firmed while UST yields were higher on the day ahead of Friday’s US November non-farm payrolls data which are expected to provide further support to the prevailing view for a Fed rate hike at the December 13-14 meeting. In addition, investors are eagerly awaiting the 7-9 December party conference of the German Social Democratic Party (SPD) as discussions with the CDU/CSU under Angela Merkel for the formation of a new “grand coalition” are ongoing.

GREECE: According to the European Commission, the European institutions have reached a staff level agreement with the Greek authorities on the policy package supporting the ESM programme, which will be presented to the Eurogroup today. The Greek government will then legislate/ implement the c. 100 remaining prior actions with a view to having the legislation translated and approved by the Euroworking Group by January 11th with the release of the relevant compliance report. Consequently, the Eurogroup will ratify the completion of the 3rd review at the January 22nd meeting, opening the way for the disbursement of the next loan tranche by mid-February. The main elements of the staff level agreement pertain to NPLs, the energy sector reform, benefits, pensions and the potential reduction of the tax-free threshold as of 2019.

SOUTH EASTERN EUROPE

BULGARIA: Bulgarian equities ended slightly lower last week, while local currency and Eurobonds moved modestly. 

SERBIA: The EUR/RSD traded within a range of 119.05/25 to 119.70/90 last week.

Viewers can log heebelow and read the full report:  Daily Overview December 4 2017

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