Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of Asian bourses firmed on Friday, taking their lead from the positive momentum in Wall Street overnight, favored by increased expectations that the FOMC will probably not rush to embark on a rate tightening cycle. Against this background, US Treasuries firmed while the USD remained under pressure against most of its major currency peers. Market focus today is on FOMC Chairman Janet Yellen who is due to speak on the US economic outlook before the Greater Providence Chamber of Commerce Economic Outlook Luncheon at 17:00GMT.
GREECE: Speaking to a local TV station earlier today, government spokesman Gabriel Sakellaridis said that conditions seem to have matured for official talks to progress further adding that the government expects to seal an agreement with official creditors in the next 10 days and meet all its debt interest and amortization payments due in June.
SOUTH EASTERN EUROPE
SERBIA: Public Debt Administration sold at an auction on Thursday €50mn of 2-year T-bonds, at an average accepted yield of 2.87%, below 3.45% achieved at a prior auction of similar maturity held in February.
CESEE MARKETS: Trailing losses in major European stock markets, CESEE bourses closed broadly lower on Thursday, weighed down by disappointing corporate earnings results and political uncertainty ahead of Sunday’s Presidential elections in Poland. Along similar lines, regional currencies broadly recoiled on Thursday. Mixed PMI data from the Eurozone and weaker-than-anticipated macroeconomic data from China may also had an impact. In view of deteriorating risk sentiment, the majority of government bonds fell on Thursday.
