Daily Overview of Global Markets & the SEE Region (Friday, August 10, 2018)

Banking, Finance, Markets, Reports, Sanctions, Shipfinance, Statistics, Stock Markets — By on August 10, 2018 at 11:02 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Global equity markets pulled back on Friday as turmoil in major emerging markets (the plunging Turkish lira, Sino-US trade conflict as well as US sanctions on Russia for election meddling) continued to dampen sentiment. In FX markets, the EUR/USD fell to more than a year low of 1.1432 in European trade on Friday after the ECB highlighted increasing risks to global growth, while the safe haven yen firmed amid risk-off sentiment.  Safe haven assets such as Treasuries advanced, with the 10-yr respective yield falling to an almost three-week low of 2.88% in early European trade on Friday. Europe followed suit, with most government bond yields falling and the 10-yr German Bund yield testing three-week lows in the area of 0.34% at the time of writing.

GREECE: According to ELSTAT’s monthly labour force survey data (seasonally adjusted series), the unemployment rate in Greece dropped to 19.5% in May 2018 from 20.0% and 21.7% in April 2018 and May 2017 respectively. This is the first time since September 2011 that the unemployment rate in Greece takes a value below 20.0%.

SOUTH EASTERN EUROPE

SERBIA: At its regular MPC meeting yesterday, the NBS left interest rates unchanged at 3%.

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