Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS:. In FX markets, the GBP firmed against major currency peers in European trade on Friday taking comfort from early results of y-day’s Scottish referendum which indicated that the “No” vote has won. Elsewhere, the EUR remained under pressure after a lower-than-expected take-up in the ECB’s T-LTRO y-day reinforced the view that the prospect of the Central Bank launching a quantitative easing programme in the months ahead cannot be ruled out unless the growth outlook of the euro area economy substantially improves or the upcoming purchase programme of asset backed securities and covered bonds proves larger than currently anticipated.
SOUTH EASTERN EUROPE
SERBIA: Prime Minister announces austerity measures estimated to generate savings of ca EUR 700m in 2015.
ROMANIA: The Ministry of Finance issued yesterday RON 235mn of 5Y bonds, less than half the planned RON 500mn amount, at an average accepted yield of 3.54%.
BULGARIA: The European Bank for Reconstruction and Development downwardly revised its 2014 real GDP growth forecast for Bulgaria to 1.5% from 1.9% previously, primarily in view of mounting domestic political jitters and the banking sector turmoil.
CESEE MARKETS: The majority of CESEE stock markets, currencies and bonds firmed in European trade on Friday in the wake of the Scottish referendum and amid market speculation about potential further stimulus measures in China.
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Dailyoverview September 19, 2014
