Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The US non-farm payrolls report for the month of October surprised to the upside prompting a hawkish shift in market expectations for a December Fed rate hike. US Treasuries weakened while the US dollar firmed across the board with the DXY trading close to 6 ½ month highs.
GREECE: The Greek government and official creditors reportedly failed to bridge their differences at the Euro Working Group which took place late yesterday via teleconference on the outstanding prior actions underlying the release of the next ESM loan installment (€2bn). Against this background, the Eurogroup which is scheduled to be held later today is reportedly unlikely to approve the release of the €2bn ESM loan disbursement.
SOUTH EASTERN EUROPE
BULGARIA: The domestic stock market ended little changed last week, with increased volatility coming on the back of thin trade volumes.
ROMANIA: Over the last few sessions, the tone in the RON financial markets was mainly set by the impact of a deadly nightclub fire in Bucharest on October 30. On the data front, nominal net wage growth accelerated further in September, to 8.0%YoY from 7.7%YoY in August.
SERBIA: The EUR/RSD edged higher on a weekly basis on Friday after the surprising intervention from the NBS on Thursday.
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Daily Overview November 9 2015 (1)
