Daily Overview of Global Markets & the SEE Region (Tuesday, December 05, 2017)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on December 5, 2017 at 10:40 AM

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

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The RBA left the official cash rate unchanged at a record-low of 1.50% at its monetary policy meeting that concluded earlier today, in line with market expectations. However, the accompanying statement tilted slightly to the hawkish side pushing the AUD/USD higher. Meanwhile, the GBP lost some ground after European Commission President Jean-Claude Juncker and UK Prime Minister Theresa May failed to reach an agreement on the so-called “divorce issues” at their meeting yesterday. Turning to core fixed-income markets, the US curve continued to bear flatten amid expectations for somewhat higher Fed interest rates ahead while, on the flipside, long-dated German Bunds underperformed the short-end. Looking at the remainder of the day, we await the US October trade balance report and the November non-manufacturing ISM while in the euro area we will receive the breakdown of the Q3 GDP growth report, the final Markit services PMI and October retail sales.

GREECE: The Eurogroup yesterday welcomed the staff level agreement that has been reached by the Greek authorities and the institutions on the policy conditionality of the 3rd programme review and turned the focus to the implementation of the required prior actions. According to the Eurogroup President Jeroen Dijsselbloem, the large part of the remaining work will be carried out before Christmas and the rest of it right after so that the review may be finalised at the 22 January Eurogroup, something that is both desirable and feasible. According to the ESM’s estimations the total package of short-term debt relief measures will reduce the country’s debt-to-GDP ratio by about 25 percentage points by 2060 and the gross financing needs-to-GDP ratio by about 6 percentage points. According to the Hellenic Statistical Authority, the available seasonally adjusted data indicate that Q3 2017 GDP in volume terms increased by 0.3%QoQ and 1.3%YoY.

SOUTH EASTERN EUROPE

BULGARIA: Fitch and S&P upgraded the long-term sovereign rating of Bulgaria by one notch in their respective ratings scale.

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