Daily Overview of Global Markets & the SEE Region (Tuesday, September 11, 2018)

Markets, Reports, Statistics, Stock Markets — By on September 11, 2018 at 9:26 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In FX markets, the GBP was firmer across the board on market optimism that a “soft” Brexit deal might be within reach. EU chief Brexit negotiator Michel Barnier was quoted as saying that it is “realistic” that the two sides could seal a deal on an orderly UK exit from the EU by the beginning of November. Market hopes of a “soft” Brexit deal in the coming weeks and optimism over Italy’s finances pushed the EUR/USD close to 1.1650 earlier today. Elsewhere, the majority of European equity markets were trading in positive territory in early trade while German Bunds weakened.

GREECE: Speaking to an Austrian newspaper, ESM Managing Director Klaus Regling stated that Greece must continue the reforms and that the debt relief measures may be withheld should the adjustment programmes not continue as agreed. He nevertheless expressed optimism based on recent discussions with the Greek PM adding that Greece’s public debt may seem excessively high but Greece can live with it given the very long-term loan maturities and the significantly low interest rates. According to the Hellenic Statistical Authority (ELSTAT), the Consumer Price Index (CPI) in August 2018 compared with August 2017, increased by 1.0% against an annual rate of change of 0.9% that was recorded in August 2017. In July 2018 the seasonally adjusted Overall Industrial Production Index (IPI) rose by 0.7%MoM, against -0.9%MoM in June 2018.

SOUTH EASTERN EUROPE

CYPRUS: The second and latest estimate of CYSTAT about the seasonally adjusted Q2 GDP reading confirmed the flash estimate of 0.8% QoQ/3.9% YoY.

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