Daily Overview of Global Markets & the SEE Region (Friday, August 3, 2018)

Banking, Finance, News, Reports, Shipfinance, Statistics, Stock Markets — By on August 3, 2018 at 9:45 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Shrugging off gains in Wall Street overnight on a technology-led rise, Asian equity indices traded mixed on Friday amid mounting trade war concerns. In response, the US dollar extended its overnight gains against a basket of major currency peers on Friday, with the DXY dollar index rising to a two-week high of 95.248 in European trade. Elsewhere, the GBP/USD plunged to a two-week low of 1.2976 in the aftermath of the BoE’s monetary policy unanimous decision (9-0) on Thursday to raise the Official Bank Rate to 0.75%, its highest level since 2009. In the government bond market, Italian government bonds sold off for the second consecutive day, as top ministers of the anti-establishment Italian government are expected to meet later in the day to discuss Italy’s 2019 budget. Against this background, the spread between the 10-yr Italian government bonds and German Bunds surged to a two-month high of ca. 260bps.

GREECE: According to the ESM, after the completion of the national procedures y-day, the final installment of €15.0bn from the financial envelope of the Third Economic Adjustment Programme, will be disbursed in the coming days.

SOUTH EASTERN EUROPE

BULGARIA: According to the preliminary budget execution data of the Ministry of Finance the consolidated government surplus increased by 2.6% YoY to BGN2bn in Jan-July2018.

CESEE markets: The Turkish lira came under renewed depreciation pressure on Thursday’s trade tumbling to a new record low on the announcement of the new US sanctions move.

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