Daily Overview of Global Markets & the SEE Region (Monday, May 07, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on May 7, 2018 at 11:01 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: US total non-farm payrolls rose by a lower than expected 164k in April and the unemployment rate fell to 3.9%, the lowest since December 2000. However, average hourly earnings rose by just 0.1%mom leaving the annual rate unchanged at 2.6% against consensus for acceleration at 2.7%. Nevertheless, as was reflected in the FOMC’s May statement, inflation risks seem to be skewed to the upside. As a result, market expectations for a further gradual rise in Fed interest rates remained intact. Against this background, the USD retained a firm tone and USTs gains in response to US employment data were short-lived. Looking at this week’s calendar, the BoE’s “Super Thursday” with the MPC meeting and the release of the new inflation Report will probably be the main event.

GREECE: According to the European Central Bank, the results of the 2018 EBA Stress test for the 4 Greek systemic Banks show that the average capital depletion under the adverse scenario, which covered a three-year period (up to 2020) and assumed static (end of 2017) balance sheets, was 9.00 percentage points (EUR15.5 bn).

SOUTH EASTERN EUROPE

SERBIA: The EUR/RSD remained bound within a tight range of 118.00/20-118.10/30 last week, against a backdrop of very low trading volumes. In other news, the European Commission (EC) is forecasting Serbia’s 2018 economic growth to accelerate to 3.3% this year, according to the Spring 2018 Economic Forecast.

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Daily Overview May 7 2018

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