Daily Overview of Global Markets & the SEE Region (Monday, May 14, 2018)

Banking, Finance, Reports, Shipfinance — By on May 14, 2018 at 11:10 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Long-dated US Treasury yields were a tad higher in early European trade on Monday with the 2/10-yr yield curve undertaking some modest steepening. In FX markets, whereas the first part of last week was dominated by USD strength, the dollar index DXY has weakened over the last few sessions. Meanwhile, oil prices were slightly weaker mainly thanks to increased US drilling activity. Turning to the EGB periphery, focus is on Italy as investors await the outcome of intensified talks between the 5-Star Movement and the League parties over the weekend for the formation of a government.

GREECE: The institutions’ staff is expected to return today to Greece to assess the progress in the 4th review conditionality with a view to reaching a staff level agreement with the Greek authorities by the 24 May Eurogroup. In an interview in Greek newspaper Naftemporiki, Francesco Drudi, ECB country coordinator for Greece, expressed the view that as regards the financial sector, the focus of the 4th review is on the improvement of the existing tools to decrease NPLs as well as the revision of the households’ insolvency framework. As regards the post-programme regime, Mr. Drudi noted that a solid post-programme framework would minimise risks from unforeseen shocks.

SOUTH EASTERN EUROPE

BULGARIA: Domestic equities broadly fell last week, while external government bond yields dropped and local currency paper ended little changed.

SERBIA: In the FX market, the EUR/RSD has remained little changed over recent weeks. On the data front, annual headline CPI moved further below the official target tolerance band of 3.00% +/- 1.50%, coming in at 1.1% in April.

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