Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Bucking gains in Wall Street overnight amid market optimism about upcoming US Q3 corporate earnings results, major European bourses opened lower on Tuesday on the back of heightened global growth concerns. Data released earlier today from China revealed that Q3 GDP grew by 7.3%YoY, the slowest pace since Q1 2009, from 7.5%YoY in the prior quarter, reinforcing market worries that the Chinese authorities’ official growth target of 7.5%YoY for this year will likely be missed.
GREECE: Local press reports suggested today that the date for the return to Athens of the troika mission heads has yet to be finalised as they are still expecting domestic authorities’ proposals on a number of core issues underlying the current (5th) program review that are still pending.
SOUTH EASTERN EUROPE
SERBIA: The EUR/RSD treaded water on Monday, ending at 119.50/70.
ROMANIA: Yesterday’s 5Y government bond auction attracted good demand amid improving funding conditions, with RON 300mn having been placed at an average accepted yield of 3.09%, marginally below market expectations.
BULGARIA: The Ministry of Finance placed BGN 55mn in 10-year Government securities on Monday, at an average accepted yield of 3.50% and a bid/cover ratio of 1.43
