Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street edged higher overnight and US 10-yr Treasury yields hit their highest level in five weeks, as the ISM manufacturing index came in better than expected showing signs of stabilization in the US manufacturing sector. Elsewhere, European equity markets swung between gains and losses in early trade, following the mixed picture in Asian equity markets earlier in the day. In FX markets, the EUR/USD consolidated around levels of 1.0987/88 in early European trade ahead of the US nonfarm payroll report due later in the week which may provide more clarity on whether the Fed will increase interest rates in December. In the absence of major data releases, market focus today is on ECB President Mario Draghi, who is due to speak in Frankfurt at 20:00 EET, opening the ECB’s Grand Opening event of the European Cultural Days 2015.
GREECE: European Commissioner for Economic and Financial Affairs Pierre Moscovici is reportedly expected to arrive in Athens today for a two-day formal visit./ Press reports suggested today that the book-bulling procedures of the four systemic banks will take place in the period between November 16 and 20.
SOUTH EASTERN EUROPE
ROMANIA: The Ministry of Finance sold on Monday the planned RON 300mn (~€67.7mn) of 7-year T-bonds. The average accepted yield came in at 3.16%, marginally lower than 3.18% achieved at a prior auction of similar maturity paper held in mid-October.
SERBIA: Official talks began yesterday between Serbian authorities and an IMF mission visiting the country in the context of the third review under Serbia’s €1.2bn 3-year precautionary Stand-By Arrangement.
CESEE MARKETS: Most emerging stock markets advanced modestly in early European trade on Tuesday, with consumer and material related equity leading the way higher. Meanwhile, CESEE assets were broadly mixed earlier today.
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Daily Overview November 3 2015
