Daily Overview of Global Markets & the SEE Region (Wednesday, August 8, 2018)

Reports — By on August 8, 2018 at 1:07 PM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Mirroring the positive momentum in Wall Street overnight, Asia equity indices traded in the black on Wednesday for a fourth day in a row. Nevertheless, China’s shares retreated on Wednesday after the US Trade Representative’s office cited late on Tuesday that the Trump’s administration will impose 25% tariffs on an additional $16bn of Chinese goods from August 23rd, overshadowing China’s strong July trade data. In FX markets, the CNY has strengthened following a meeting between the PBoC and Chinese Banks  y-day. Elsewhere, the EUR/USD hit a 6-day high of 1.1628 in European trade on Wednesday, as the USD’s recent rally on global trade frictions ran out of steam. In European markets, peripheral spread-tightening came hand in hand with the risk-on bounce, while Italian bank earnings supported BTP short-covering after last Thursday’s violent reversal. There is some hesitation prevalent, however, with Italian budget talks resuming today.

GREECE: According to ELSTAT’s commercial transactions data, the nominal value of Greek exports of goods increased by 24.8 YoY% in June 2018 from 14.9 YoY% in May 2018. The respective figures for imports were 27.1 YoY% and 2.9 YoY%. The balance of goods, after increasing on an annual basis for 7 straight months (+€247.2 YoY mn per month on average), decreased by -€465.0 YoY mn in June 2018.

SOUTH EASTERN EUROPE

ROMANIA: NBR maintained the key policy rate (KPR) unchanged at 2.5% and MRRs for FX and RON denominated liabilities at 8% respectively.

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