Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the negative tone in the majority of Asian bourses, major European equity markets opened lower on Tuesdaypressured by lingering concerns about a more profound than previously expected slowdown in China. Market anxiety ahead of the FOMC’s two-day policy meeting which concludes on Wednesday, also weighed. US government bond prices were higher favored by weaker-than-expected September’s new home sales data while in FX markets, the USD was modestly lower pressured by global equity markets’ lackluster performance.
GREECE: The new bank recapitalization framework is reportedly finalized and, after consultation with the relevant domestic and EU authorities, it is expected to be submitted to Parliament by the end of this week. This will take place ahead of the publication of the stress test results reportedly expected on Saturday, October 31.
SOUTH EASTERN EUROPE
BUGLARIA: In an unexpected move, the Ministry of Finance revised its official target for the consolidated government deficit in 2015 to 3.3% of GDP up from an initial 3%.
ROMANIA: The consolidated government surplus came at RON4.2bn or 0.9% of projected GDP in the 9M-2015 up from a RON0.4bn surplus or 0.05% of GDP in the same period last year.
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Daily Overview October 27 2015
