Home Banking Daily Overview of Global Markets & the SEE Region (Friday, November 20, 2015)

Daily Overview of Global Markets & the SEE Region (Friday, November 20, 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: The minutes from the ECB’s 22 October policy meeting, which were released yesterday, did little to change market expectations for further monetary policy stimulus at the next meeting on December 3rd. Reacting to the dovish tone of the minutes, German sovereign bonds firmed with the 2-yr yield hitting a fresh intraday record low near -0.38% earlier today.

GREECE: The Hellenic Parliament approved yesterday a multi-bill containing the legislation required for the implementation of the outstanding milestones for the unlocking of the €12bn ESM loan installment.  Following the endorsement of the said bill, the Euro Working Group is reportedly expected to convene later today to give the green light for the disbursement of the said pending loan tranche to Greece. In other news, the Greek government is reportedly expected to submit to Parliament later today the final Budget law for FY-2016.

SOUTH EASTERN EUROPE

ROMANIA: The finance ministry sold at an auction on Thursday the planned RON 200mn (~€45.1mn) worth of 10-year Treasury bonds.

SERBIA: At its updated inflation report released yesterday, the National Bank of Serbia (NBS) revised upwards its economic growth forecasts by 0.3pps for this and next year, penciling in real GDP growth at 0.8% in 2015 and 1.8% for 2016 compared to 0.5% and 1.5% foreseen respectively in August. With regards to inflation, the Central Bank noted that its central projection is for inflation to remain around the lower bound of the target tolerance band of 4+/-1.5% until mid-2016, moving gradually closer to the band’s mid-point in H2 2016. In other news, the Public Debt Administration sold at an auction on Thursday €85.695mn of the €100mn planned of 2-year Treasury Notes.

CESEE MARKETS: The majority of emerging stock markets stood in the black in European trade on Friday after the Fed signaled at its FOMC October 27/28 meeting minutes, released earlier in the week, that the pace of rate tightening ahead will likely be gradual. In a similar vein,  regional currencies and government bonds were broadly firmed.

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Daily Overview November 20 2015

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