Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of European bourses were standing in negative territory in early trading on Monday following recent hawkish comments from a number of FOMC officials suggesting that the Fed could consider, under certain conditions, raising interest rates as soon as April. Elsewhere, US Treasuries moved lower while the USD retained a firm tone.
GREECE: According to local press reports, high-level officials from the French finance ministry have stated that European creditors may appear more conciliatory with regard to their demands in the context of the 1st programme review, taking into consideration the increased difficulties Greece faces due to the refugee crisis. The IMF, however, is expected to keep its tough position on a number of issues, which reportedly, may result in the completion of the review without the IMF’s endorsement. With regard to the current state of negotiations in the context of the 1st programme review the resolution of NPLs appears to be the most difficult issue.
SOUTH EASTERN EUROPE
SERBIA: The EUR/RSD was little changed last week consolidating within 122.75/95 while any attempt breaking above 123.00 was neutralized by interventions from the National Bank of Serbia in the FX markets aimed at halting any further depreciation pressures on the dinar.
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