Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from losses in Wall Street overnight, Asian and European stock markets broadly fell on Tuesday as oil prices plummeted to new multi-year lows, while persisting global growth worries and renewed political uncertainty in Greece, also weighed on investor sentiment. In FX markets, the safe-haven yen broadly firmed and the US dollar lost some ground.
GREECE: In a surprise move, Greece’s ruling coalition government decided to bring forward the upcoming presidential election by near two months to December 17, 2014 from February 12, 2015 expected initially, in order to limit the period of domestic political uncertainty. The coalition government’s surprise decision was made publicly known just a few hours after euro area finance ministers announced the decision reached in the context of the December 8 Eurogroup to approve Greece’s request for a 2 month technical extension of the current EFSF program which is scheduled to come to an end on December 31st 2014.
SOUTH EASTERN EUROPE
SERBIA: The dinar consolidated near record lows against the euro on Monday, after the Central Bank intervened anew in the FX markets to halt the currency’s depreciating momentum.
ROMANIA: The MoF sold on Monday the planned RON 500mn in Apr 2020 T-bonds at an average accepted yield of 2.81%, which came in broadly in line with market expectations.
BULGARIA: According to preliminary NSI data, the Industrial Production Index rose by 0.4%YoY in October following three consecutive months of declines.
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