Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The preliminary Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) for August unexpectedly slipped for the seventh straight month coming in at its lowest level in near 6 ½ years. Against this background, the majority of global equity markets moved lower and commodity related currencies weakened.
GREECE: The new cabinet was officially announced late yesterday and was sworn in earlier this morning. Euclid Tsakalotos and Giorgos Stathakis returned to their post as Minister of Finance and Minister of Economy, Infrastructure, Shipping and Tourism, respectively. In other news, the Euro Working Group (EWG) convenes tomorrow, Thursday, September 24, ahead of the upcoming Eurogroup scheduled for October 5 to reportedly discuss, among others, the prior actions that the need to be fulfilled by the Greek side for the release of the outstanding €3bn sub-tranche of the first loan disbursement. Speaking to international newswires yesterday, EWG President Thomas Wieser was quoted saying that the said sub-tranche will be paid in two installments, each one attached to a set of milestones “which have to be implemented over the coming weeks or two months”.
SOUTH EASTERN EUROPE
ROMANIA: The main opposition party, PNL, filed earlier this week its fourth no-confidence vote against Prime Minister Victor Ponta’s government.
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Daily Overview September 23 2015
