Daily Overview of Global Markets & the SEE Region (Wednesday, April 18, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on April 18, 2018 at 9:58 AM



GLOBAL MARKETS: In its updated World Economic Outlook report, the IMF foresees the current global economic upswing to continue in the next two years warning though that risks prevail threatening to derail growth prematurely in the next several quarters. Looking beyond the next couple of years, the IMF was more pessimistic expecting global growth to slow. In spite of the Fund’s skeptical assessment on long-term global growth prospects, major European equities were in positive territory in early trade, while US sovereign bond yields were higher and the DXY index was slightly firmer on the day following yesterday’s positive US data. Looking at today’s calendar, we expect the final release of Eurozone inflation data and UK CPI, both for March, ahead of the Fed’s Beige Book.

GREECE: In its World Economic Outlook (WEO), April 2018 released yesterday the IMF revised downwards its projections for Greece’s GDP annual growth to 2.0% for 2018 and 1.8% for 2019 (from 2.6% in 2018 and 1.9% in 2019 in WEO, October 2017) whereas unemployment was revised to 19.8% in 2018 and 18.0% in 2019 (from 20.7% and 19.5% respectively in WEO October 2017)./The Ministry of Finance published the preliminary State Budget Execution for January-March 2018. The State Budget balance for the January-March 2018 period registered a surplus of EUR0.40 billion, versus a 2018 Budget targeted deficit of EUR0.82 billion for the respective period. The State Budget Primary Balance registered a surplus of EUR2.32 billion versus a 2018 Budget targeted surplus of EUR1.09 billion.


CYPRUS: Despite the intense restructuring efforts of the banks on their portfolios, the ratio of non-performing exposures still remains at relatively high levels.

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