Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In FX markets, the EUR remained under pressure in European trade on Friday amid increased expectations that the ECB will likely adopt additional stimulus measures early next year involving government bond-purchases. Focus today is on the US’ non-farm payrolls report for December which has the potential to provide additional support to the USD across the board should it surprise positively.
GREECE: ECB Executive Board member Benoit Coeure was quoted as saying in an interview with a French radio station that market discussion on a Greek exit from the euro area is “meaningless”. On the data front, Greece’s seasonally adjusted jobless rate dropped in October to 25.8%, the lowest level in more than two years from 26.0% in the prior month. This follows a cyclical peak of 28.0% recorded in September 2013.
SOUTH EASTERN EUROPE
SERBIA: Out of the RSD 10bn offered, the Public Debt Administration sold RSD 5.8bn in 2-year bonds at an auction on Thursday. The said paper bore an 8% coupon, while the achieved yield came in at 9.29%.
ROMANIA: The finance minister announced y-day that Romania met the fiscal target for FY-2014 that was agreed with the IMF.
BULGARIA: According to Eurostat, Bulgaria’s industrial producer price index (PPI) rose by 0.3%YoY in November, halting an 18-month falling streak.
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