Home Banking Daily Overview of Global Markets & the SEE Region (Friday, June 12, 2015)

Daily Overview of Global Markets & the SEE Region (Friday, June 12, 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: The majority of European bourses opened lower on Friday amid worries over the lack of significant progress in official negotiations between Greece and its official creditors. Positive US data pushed US Treasury yields lower while the US currency firmed. Yet, amid market anxiety ahead of next week’s FOMC monetary policy meeting, the USD’s gains proved rather limited.

GREECE: In a surprise move, the IMF withdrew its delegation from the Brussels Group y-day. In a press briefing, IMF spokesman Gerry Rice cited that “major differences” remain with Greece in most of the key contentious issues and thus, an agreement is still some way off. Meanwhile, EU President Jean-Claude Juncker was quoted saying in a French radio station earlier today that stalled talks between Greece and its creditors will restart, first at a technical level, and then a political one.

SOUTH EASTERN EUROPE

ROMANIA: The consumer price index rose by a higher-than-anticipated 6-month high of 1.2%YoY in May, outpacing market expectations for a 0.8%YoY rise.

SERBIA: At its MPC meeting on Thursday, the Central Bank of Serbia slashed its key policy rate by 50bps to a new record low of 6.00%, confounding our and market expectations for stable interest rates and a smaller (25bps) cut, respectively.

CESEE MARKETS: CESEE stock markets closed mixed on Thursday, with regional politics and a stronger US dollar exerting a negative impact. On the flipside,  CESEE currencies and government bonds broadly firmed on Thursday, with a successful debt auction in Hungary providing support.

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Daily Overview June 12, 2015

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