Home Associations Daily Overview of Global Markets & the SEE Region (Wednesday, October 7, 2015)

Daily Overview of Global Markets & the SEE Region (Wednesday, October 7, 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: Most Asian bourses edged higher on Wednesday on higher crude oil prices that boosted resource shares, coupled with better-than-expected Samsung’s Q3 operating profits. Trailing gains in the majority of Asian equity markets, major European equity indices opened higher today boosted by commodity and oil shares. In FX markets, the Japanese yen strengthened modestly against its major currency peers after the central bank’s decision to stand pat on monetary policy. Focus is on the minutes from the September 16-17 FOMC meeting due later today, although they will likely be eventually shrugged off even if  they suggest that the Fed is getting closer to a rate hike, given last week’s disappointing US employment data that prompted a dovish shift in fed funds rate hike expectations.

GREECE: In its updated World Economic Outlook report that was published yesterday, the IMF said that that contagion risks on the advanced economics from Greece-related events to other euro area economies prevail, albeit lower than earlier in the year following the agreement reached between domestic authorities and official creditors on a ESM bailout program./ Local press reports suggested that the Greek government intends to have all 48 prior actions attached to the release of the €2bn instalment -out of the outstanding €3bn sub-tranche of the first  loan disbursement-  submitted to the Hellenic Parliament for approval by October 15 at the latest in the form of a multi-bill.

SOUTH EASTERN EUROPE

ROMANIA: The final estimate of the Statistical Service on the seasonally adjusted second quarter GDP reading was revised marginally up from +3.7%YoY to 3.8%YoY. On an unadjusted basis, the reading was equally revised up from +3.3%YoY to +3.4%YoY.

CESEE MARKETS: With the downbeat US non-farm payrolls report – that prompted a dovish shift on Fed rate hike expectations – still in investors’ ears, the majority of emerging stock markets moved higher in early European trade on Wednesday. In a similar vein,  CESEE currencies and government bonds broadly firmed earlier on Wednesday amid improved market sentiment.

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Daily Overview October 7 2015

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