Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: Speaking to reporters after the conclusion of a meeting held with Greece’s Prime Minister on the sidelines of an emergency EU Summit on migration in Brussels y-day, German Chancellor Angela Merkel said that she held “constructive and positive” talks with Mr. Alexis Tsipras adding that the likelihood of Greece running out of cash before an agreement is reached should be averted. On his part, the Greek Premier said that he was optimistic that the two sides are close to an agreement. The Eurogroup convenes later today to assess the progress on official discussions made so far on the Greek issue.
CYPRUS: According to local media reports, Finance Minister Haris Georgiades said that the President of the Eurogroup is expected to make statements on Cyprus and expressed optimism that the Eurogroup will give the green light for the resumption of the 5th review under the country’s economic reform program.
SOUTH EASTERN EUROPE
ROMANIA: The finance ministry sold on Thursday the planned RON 400mn (approximately €90.6mn) amount of June 2019 RON-denominated T-bonds at an average accepted yield of 2.33%, in line with consensus forecasts.
SERBIA: Public Debt Administration (PDA) sold at an auction on Thursday RSD11.106bn (equivalent to ca €0.09bn) of 3-year RSD-denominated T-bonds at an average accepted yield of 8.23%.
CESEE MARKETS: Following the positive trend in global bourses, emerging stock markets broadly extended this week’s gains in European trade on Friday. Separately, the majority of CESEE currencies broadly weakened as the US dollar regained ground in European trade today and government bonds were mixed.
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