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 in European trade on Friday while the USD was on the back foot following the release of the FOMC minutes of the September 16-17 meeting yesterday which added to the view that the Central Bank may not rush to increase interest rates any time soon amid persisting global jitters.
GREECE: According to the local press, the Greek government is expected to submit to the Parliament next Monday (October 12) the omnibus bill containing the required legislation for the implementation of the 49 prior actions attached to the release of the €2bn installment out of the outstanding €3bn sub-tranche of the first loan disbursement.
SOUTH EASTERN EUROPE
BULGARIA: According to the preliminary data released yesterday by the National Statistics Institute, industrial production on a seasonally adjusted basis expanded by 0.1%MoM in August, bringing the annual growth rate on a working day adjusted basis to +4.3%YoY, up from +3.4%YoY in July.
ROMANIA: The finance ministry sold on Thursday the planned RON 500mn (~113.34mn) of 3.25% January 2018 T-bonds at an average accepted yield of 1.70%.
CESEE MARKETS: Emerging stock markets moved broadly higher in early European trade on Friday on scaled back expectations for an imminent Fed rate hike. In FX markets, CESEE currencies were little changed earlier today compared to the prior session’s settlement, while government bonds broadly firmed.
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