Home Banking Daily Overview of Global markets & the SEE Region (Tuesday, August 26, 2014)

Daily Overview of Global markets & the SEE Region (Tuesday, August 26, 2014)

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Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS:. The EUR remained under pressure in European trade on Tuesday and euro area sovereign bond markets retained a firm tone on the back of increased expectations for further monetary stimulus from the ECB in the coming months.

GREECE: An unnamed high-level MoF official was quoted as saying in the local press that Greece plans to reopen its recent 3- and 5-yr bond issues in the next couple of weeks offering up to €1.5bn. As per the same official “payment will be in outstanding T-bills instead of cash”. On the data front, Hellenic Statistical Authority custom-based data showed that Greece’s trade deficit in the first six months of this year increased by 9.6% on an annual basis.

SOUTH EASTERN EUROPE

SERBIA: The EUR/RSD remained in an upward trend on Monday hitting a new year-to-date high of 117.60/80.

ROMANIA: According to the recently released general government accounts for the first seven months of this year, the overall deficit on a cash basis stood at just 0.15% of projected full-year GDP mainly due to an 83%YoY drop in total general government expenditure.

BULGARIA: Bulgaria’s gross external debt rose by 0.7%YoY in June, marking the fourth consecutive monthly increase.

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