Home Associations Daily Overview of Global Markets & the SEE Region (Friday, June 5, 2015)

Daily Overview of Global Markets & the SEE Region (Friday, June 5, 2015)

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Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Tracking today’s losses in the majority of Asian bourses, European equity markets moved lower in early trade as investors adopt a cautious stance ahead of the key US May non-farm payrolls report. Elsewhere, the USD gained in early European trade with investors eagerly awaiting today’s US May non-farm payrolls report.

GREECE: The Greek government decided to delay a principal payment to the IMF of c. €300bn that was due today. As officially announced by the IMF, Greece plans to lump together all four such payments due to the Fund in June and meet them on June 30 (c. €1.6bn cumulatively), Greece’s Premier is due to address the Hellenic Parliament at 6 p.m. Athens time today aiming to brief lawmakers on the course of official negotiations. On the data front, Greece’s unemployment rate (monthly, seasonally adjusted data) stood at 25.61% in March, little changed from 25.59% in February.

CYPRUS: The Consumer Price Index increased by 0.29%MoM in May, driven higher mainly by rises in the prices of certain fresh fruit, petroleum products and air fares. Along these lines, the annual rate of decrease in CPI slowed marginally to 2.0% compared to a 2.1% decline registered in the prior month.

SOUTH EASTERN EUROPE

BULGARIA: Speaking to the national radio, the head of parliamentary budgetary commission Menda Stoyanova reportedly said on Thursday that Central Bank governor Ivan Iskrov has agreed to step down on June 19.

ROMANIA: The finance ministry sold yesterday RON 162mn (€36.6mn) worth of 3.25% January 2018 T-bonds, less than RON 300mn (€67.9mn) initially planned in view of the recent rise in government bond yields.

CESEE MARKETS: Emerging stock markets extended their recent losses on Thursday, remaining pressured by rising US and German government bond yields. Against this backdrop,  CESEE currencies remained under pressure and government bonds closed broadly lower.

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Daily Overview June 5, 2015 (1)

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