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

Daily Overview of Global Markets & the SEE Region (Monday, October 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: Global equity markets were firmer on Monday after Friday’s weaker-than-expected US non-farm payrolls report for September prompted a dovish shift in FOMC rate hike expectations.  Elsewhere, the USD recovered in early European trade on Monday some of the losses recorded soon after the release of the report on the view that the poor employment-related data do not change the fact that the monetary policy of the Fed is moving in opposite direction compared to that of most of the major G10 CBs.

GREECE: The Euro Working Group held a teleconference on Friday and agreed on 48 prior actions that have to be fulfilled by the Greek side by mid-October for the release of the €2bn installment out of the outstanding €3bn sub-tranche of the first loan disbursement under the ESM loan facility. These milestones are expected to be ratified by the Euro group which convenes later in the day.  Meanwhile, the Greek government is expected to submit to the Hellenic Parliament today the draft 2016 Budget which will also be presented to the Eurogroup by Greece’s Minister of Finance Euclid Tsakalotos. In other news, the Greek government will present to the Parliament later today its programmatic statements, starting with Prime Minister Alexis Tsipras at 19.30 Athens time.

SOUTH EASTERN EUROPE

CYPRUS: Following the upgrade of their credit rating to Baa3 from B1 by Moody’s, the covered bonds of Bank of Cyprus became eligible for Eurosystem credit operations.

ROMANIA: Retail sales extended their robust annual growth momentum in August, rising by 8.0%. The latter figure stands slightly below a 13-month high increase of 8.5%YoY recorded in the prior month.

SERBIA: The EUR/RSD closed little changed on a weekly basis on Friday, remaining bound within a 119.65/85 – 119.90/10 range following new Central Bank intervention in the FX markets in order to stem persisting appreciation pressures on the dinar.

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Daily Overview October 5 2015

 

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