Daily Overview of Global Markets & the SEE Region (Monday, April 16, 2018)

Banking, Finance, Markets, Shipfinance, Statistics, Stock Markets — By on April 16, 2018 at 11:36 AM



GLOBAL MARKETS: Appetite for risk taking appeared to be holding up well in early trade on Monday, denting the safe-haven appeal of core government bonds. Favored by higher German Bunds yields, yield premiums of EMU periphery sovereign bonds narrowed with the 10-yr SPGB-Bund yield spread falling to a one-week low of 71bps earlier today after Moody’s upgraded Spain’s rating by one notch to Baa1 with outlook stable on Friday. In FX markets, the USD was weaker against major currency peers with the GBP/USD standing close to Friday’s 2 ½ month-peak of 1.4296 in the absence of negative Brexit news. The Spring Meetings of the IMF and the World Bank Group starts today in Washington.

GREECE: According to press reports, the German FinMin Olaf Scholz continues his predecessor’s policy on Greece having stated that “Until the summer we expect the final review of the institutions on the implementation of the prior actions and the sustainability of the Greek debt. Athens must present a credible programme that guarantees growth prospects. And then we will discuss together the next steps (about the possible debt relief)”. Greek Minister of Energy George Stathakis said that the divestment of the Public Power Corporation (PPC) lignite fired capacity units will be completed by the end of the year and that as regards DEPA, any potential obstacles to competition and conflicts of interest will soon be lifted opening the way for the examination of the alternative options for the exploitation of the 65% stake of the HRADF in the company.


BULGARIA: The blue chip SOFIX index extended its recent gains last week, while external and local-currency government bonds ended the week little changed.

SERBIA: The Central Bank unexpectedly cut the key policy rate for the second time this year as inflation eased further over recent months, in a decision which appeared to have a rather limited impact on the FX market.

Viewers can log and read herebelow the full report: Daily Overview April 16 2018

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