Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their lead from the positive tone on Wall Street overnight, major Asian bourses firmed today on the view that the Fed will probably not rush to embark on a rate tightening cycle following a string of weaker-than-expected US data over the last few sessions. In FX markets, the AUD was among the main outperformers following the decision by Australia’s Central Bank RBA earlier today to stay put on interest rates, confounding expectations for a 25bps rate cut.
GREECE: Greece’s Minister of Finance Yanis Varoufakis was quoted as saying to local press y-day that he expects a preliminary agreement on the Greek issue to be reached at the upcoming Eurogroup scheduled for April 24.
CYPRUS: The number of registered unemployed individuals fell to a 4-month low of 47, 833 in March having eased from 50, 240 in the prior month and 52, 772 in March last year earlier. Seasonally adjusted data proved even rosier marking a 9.1%YoY decrease to a 2-year low of 44, 736 persons
SOUTH EASTERN EUROPE
BULGARIA: According to local media reports, finance minister Vladislav Goranov said on Monday that a new central bank governor will take office between July 11 and August 11.
ROMANIA: Net wages rose by 6.46%YoY in February after a multi-year high gain of 7.08%YoY in the prior month.
CESEE MARKETS: In line with the trend in major global bourses, emerging stock markets kicked off the week on a positive footing, as disappointing US data released last Friday stirred speculation about a potential delay in the inception of the Fed’s monetary tightening cycle later in the year. Separately, CESEE currencies were mixed in thin trade on Monday, whilegovernment bonds broadly firmed as March’s US non-farm payrolls are still in investors’ ears.
