Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US housing starts for April surprised positively hitting a 7 ½ year peak, while building permits marked their highest level since 2008, adding to market optimism that the domestic economy is regaining strong momentum. Against this background, US Treasuries moved lower, while the USD gained ground across the board.
GREECE: Addressing a joint press conference in Berlin y-day, German Chancellor Angela Merkel and French President Francois Holland said that official discussions between the Greek authorities and the Institutions have to “speed up” with an aim a final agreement to be reached in the coming sessions.
CYPRUS: Speaking on the sidelines of the Annual General Meeting of the Employers and Industrialists Federation (OEB) earlier this week, Cyprus’s President Nicos Anastasiades reportedly said that the government will soon announce its plans to improve the taxation framework, inclusive of tax reductions aimed at attracting foreign investments and supporting the domestic economy.
SOUTH EASTERN EUROPE
CESEE MARKETS: Regional currencies broadly firmed and government bonds gained ground on Monday, in the wake of ECB’s Benoit Coeure comments suggesting that the Central Bank may increase its bond purchases ahead of the summer.
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