Home Banking Daily Overview of Global Markets & the SEE Region (12 September 2014)

Daily Overview of Global Markets & the SEE Region (12 September 2014)

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HIGHLIGHTS

 

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

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

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Amid expectations that the Fed is likely to adopt a slightly more hawkish tone at its monetary policy meeting next week, theUSD extended its recent gains in European trade on Friday while US Treasuries retained a weak tone.

GREECE: The Hellenic Parliament approved y-day certain amendments on the implementation framework of the new uniform tax on real estate property (ENFIA) including lower tax rates for socially vulnerable groups as well as vacant properties which are not rented or/and are not connected to the electricity grid. On the data front,  Greece’s seasonally adjusted unemployment rate dropped to 27.0% in June, the lowest rate since January 2013 from 27.1% in the prior month following a cyclical peak of 27.9% last September.

SOUTH EASTERN EUROPE

SERBIA: At its MPC meeting on Thursday, the National Bank of Serbia (NBS) kept its key policy rate unchanged at 8.50%, in line with the market’s consensus.

ROMANIA: Industrial production fell by 0.1%MoM in July, with the annual rate of increase decelerating for the second month running, to 6.1%, after registering a multi-year high rise of 13.30% in May.

BULGARIA: According to the European Competitiveness Report 2014 released on Thursday, the European Commission placed Bulgaria in the bottom group of EU countries.

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