Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of European bourses were weaker in early trade on Tuesday amid market anxiety ahead of a bulk of key data releases this week in both sides of the Atlantic. Elsewhere, US Treasuries retained a firm tone on Tuesday while the US dollar was little changed in European trade.
GREECE: German Chancellor Angela Merkel, France’s President Francois Holland and the heads of the three Institutions (ECB, European Commission, IMF) held an extraordinary meeting late y-day in Berlin to discuss the state of official negotiations on the Greek issue in the context of the agreement reached at the Eurogroup of February 20, 2015. Speaking to reporters following the conclusion of the said meeting, a German government spokesman said that the five officials “agreed that work must continue with real intensity” and that “they have been in closest contact in recent days and want to remain so in the coming days”.
SOUTH EASTERN EUROPE
ROMANIA: In the money market, the new reserve period that started on May 24 enhanced market liquidity with the release of around RON 3bn in reserves.
SERBIA: The EUR/RSD temporarily tested the upper bound of its recent trading range of 120.00-121.00 early last week, in view of strong corporate demand for hard currency and light trade volumes.
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