Daily Overview of Global Markets & the SEE Region (Monday, December 18, 2017

Banking, Finance, Markets, News, Shipfinance, Statistics, Stock Markets — By on December 18, 2017 at 11:18 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GREECE: The Greek government has decided to assign the alignment of property tax assessment zonal values with market prices to certified appraisers through a tender process. The updated zonal values are to be delivered until early March 2018. As regards the market test for the sale of the lignite-fired generation capacity of the Public Power Corporation, the Directorate General for Competition initiated the process of gathering information from potential investors regarding the divestment portfolio. According to the preliminary State Budget Execution data for January – November 2017, the budget balance recorded a deficit of ca €0.76 bn, ca €1.58 bn lower relatively to the respective 2018 Draft Budget target (deficit of €2.35 bn). The primary balance recorded a surplus of ca €4.66 bn, over-performing the respective 2018 Draft Budget target by €1.58 bn (primary surplus of €3.07 bn).

SOUTH EASTERN EUROPE

BULGARIA: The Bulgarian stock market experienced a mixed week with three out of the five trading days closing in the black. Elsewhere, Eurobond yields continued to slide, while the majority of local-currency bonds ended the week little changed.

SERBIA: The EUR/RSD rose as far as 119.70 last week on a back of strong EUR demand, but new Central Bank intervention in the FX markets halted any further up-move on the pair, with the cross easing towards a key support level of 118.50 thereafter. In other news, the parliament adopted last week the 2018 budget bill, envisioning a general government deficit of 0.6% of GDP. Meanwhile, In line with our expectations, S&P upgraded on Friday its long-term foreign and local currency sovereign credit ratings on Serbia at “BB” from “BB-“, with stable outlook. In a similar move, Fitch also revised higher on Friday Serbia’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB’ with a Stable Outlook.

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Daily Overview December 18 2017

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