Daily Overview of Global Markets & the SEE Region (Monday, December 11, 2017)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on December 11, 2017 at 10:45 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: While November US payrolls surprised to the upside, data on wages were somewhat disappointing. However, on the back of an ongoing improvement in US labor market conditions, weaker than expected inflation-related data did not alter market expectations for a 25bps rate hike at this week’s two-day FOMC monetary policy meeting that concludes on Wednesday. As for the ECB, its next monetary policy meeting will be held on Thursday and is widely anticipated to stay put on policy action following the adjustments to monetary policy in October. The BoE also holds its next monetary policy meeting on Thursday and is widely expected to stand pat on interest rates after delivering last month the first rate hike in the last decade. The GBP is likely to be more sensitive to the outcome of the December 14-15 EU Summit, which is anticipated to give the green light for the launch of the second phase of Brexit negotiations.

GREECE: According to press reports, the updated Memorandum of Understanding (MoU) and the technical MoU that accompanies it, foresees 82 key deliverables in the 4th programme review (on top of the c. 70 that must be carried out for the 3rd review), which must be completed by June 2018. These, among others, include: all remaining privatisations (PPC, HELPE, DEPA, AIA, EYDAP, EYATH, Hellinikon, Egnatia motorway, etc.), further amendments to the tax system, the implementation of reforms in the public administration, changes to the legal framework of limited liability companies, the restructuring of the benefits system, and the alignment of property tax assessment zonal values with market prices.

SOUTH EASTERN EUROPE

BULGARIABulgarian equities closed lower last week, while local currency and most of the Eurobonds moved modestly.

SERBIA: The Dinar remained under pressure in the past week, but at the same time, strongly supported by new NBS interventions.

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