Daily Overview of Global Markets & the SEE Region (Monday, October 8, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on October 8, 2018 at 9:47 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In a letter sent to the Italian government late on Friday in response to the release of the Update to the Economic and Financial Document 2018 published one day before, the European Commission expressed concern that the budget deficit targets for 2019-2021 appear to point to a significant deviation from the EU fiscal rules. In other news, 10-yr US yields rose to a fresh seven-year high close to 3.25% on Friday in reaction to non-farm payrolls data which showed that the unemployment rate dropped by 0.2 percentage points in September to 3.7%, the lowest level in more than 48 years. The US bond market is closed today for Columbus Day.

GREECE: According to Greek press, the Greek government is considering an Asset Protection Scheme to facilitate the reduction of banks’ NPEs through the establishment of a Special Purpose Vehicle (SPV) through which banks’ NPEs of up to EUR15bn would be sold to funds or securitized. On the sidelines of the 2018 Annual Meetings of the IMF in Indonesia this week the Greek Finance Minister Euclid Tsakalotos will reportedly discuss with IMF Managing Director Christine Lagarde the Greek government’s plan to repay part of the Fund’s loans to Greece.

SOUTH EASTERN EUROPE

BULGARIA: The blue chip SOFIX index  was positive the four out of the five trading days last week, which however was not enough for it to close positive for the week (closing at 623.41 points, 0.36% down).

SERBIA: The EUR/RSD exceeded the 118.25-118.50 trading range past week, reaching 118.75. The IMF and World Bank revised their GDP growth forecast for 2018 to 4.2% YoY from 3.5% YoY and 3.5% YoY from 3.0% YoY, respectively.

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