Daily Overview of Global Markets & the SEE Region (Thursday, May 10, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on May 10, 2018 at 12:30 PM



GLOBAL MARKETS: Global equity markets traded in the black on Thursday with energy shares registering the highest gains, as crude oil prices continued to trend higher following US President Donald Trump’s announcement that the US will withdraw from the Joint Comprehensive Plan of Action and re-impose a wide range of sanctions mainly on the petroleum sector. Rising oil prices have kept US Treasury yields on elevated levels amid increased inflation worries. Regarding EMU periphery sovereign bonds, the largest movements were observed in Italian government debt, with the 10-yr yield hitting a 7-week high of 1.94% as the 5SM and the far-right League political parties have informed Italian President Mattarella that they moved closer to the formation of a government of anti-establishment parties. In FX markets, the DXY dollar index consolidated around levels of 93.000 in European trade on Thursday, remaining within distance from yesterday’s 5-month high of 93.416 in view of the recent uptrend in US Treasury yields and ahead of the US consumer price inflation data later in the day expected to show accelerating headline and core prices.

GREECE: According to the Hellenic Statistical Authority (ELSTAT), the total value of imports-arrivals, for the 3-month period from January to March 2018 amounted to €13,191.0 million incomparison with €13,419.7 million for the corresponding period of 2017, recording a drop of 1.7%. The total value of exports-dispatches, for the 3-month period from January to March 2018 amountedto €7,849.3 million in comparison with €6,910.4 million for the corresponding period of 2017, recording an increase of 13.6%. According to the Ergani information system, in April 2018 there was a net increase in employment by 100,246 jobs compared with 92,132 jobs in April 2017.


CESEE MARKETS: Emerging market assets broadly firmed earlier on Thursday as the US dollar lost some ground from recent highs, while rising oil prices provided support to related assets. In FX markets, the Turkish lira extended yesterday’s recovery but remained within distance from this week’s record lows after an unscheduled meeting between President Tayyip Erdogan and his economic advisors to discuss the recent developments on the domestic currency and economy. In other news, the National Bank of Serbia vindicated expectations at its MPC meeting today that it would stay put on its monetary policy, maintaining the key policy rate at the record low of 3.00%.

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Daily Overview May 10 2018

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