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Home Banking Daily Overview of Global Markets & the SEE Region (Monday, October 19, 2015)

Daily Overview of Global Markets & the SEE Region (Monday, October 19, 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: Major Asian bourses treaded water on Monday, while in Europe, major equity indices opened higher, with the German DAX Index leading the gains. In FX markets, the US dollar firmed against its major currency peers in early European trade on stronger-than-expected US consumer sentiment. On the data front, focus today is on the NAHB US housing market index for October, while, in the euro area, construction output for August will likely lure market attention.

GREECE: On October 16th, the 300-seat Hellenic Parliament endorsed a multi-bill containing the relevant legislation for the implementation of a first set of prior actions attached to the release of the next ESM loan installment (€2bn). According to press reports on Wednesday October 21st, the EWG will confer to decide whether to release the €2bn loan sub-tranche or ask the Greek government to undertake further actions. In case of a positive decision by the EWG the actual disbursement of the ESM installment is expected until the end of October.

SOUTH EASTERN EUROPE

BULGARIA: The local equity market lost ground last week, while the Eurobond and local sovereign markets closed little changed. The FinMin is expected to hold an auction of the previously cancelled 10-year bonds (BGN 65mn) tender.

ROMANIA: The EUR/RON traded last week in a very tight range between 4.4100/220.  Short term money market rates continued to fall in view of the approaching end of the current minimum reserve period (Oct 23).

SERBIA: On the domestic political front, Prime Minister Aleksandar Vucic said on Sunday he had decided not to hold a snap general election at present, though leaving the door open for such an event in the coming months.

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Daily Overview October 19 2015

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