Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major European equity markets kicked off the week on a positive tone and major sovereign bond markets remained well supported amid increased expectations that the Fed will not rush to push interest rates higher following the weaker-than-expected non-farm payrolls report for April. Looking at this week’s calendar, the next significant US data release is not due until Friday (April retail sales) while the updated BoE Inflation Report and BoE Governor Mark Carney’s press conference, both on Thursday, are also expected to lure market attention.
GREECE: Following last-minute amendments on certain contentious provisions, the SYRIZA/ANEL coalition government secured late last night parliamentary approval of a bill containing the relevant legislation for the implementation of the social security pensions reform and the overhaul of the income tax code, two of the key prior actions for the conclusion of the 1st programme review. The Eurogroup holds later today an emergency meeting to discuss the state of play of Greece’s macroeconomic adjustment programme. According to the local press, euro area finance ministers are unlikely to reach a final agreement today as differences remain with the “contingency” package of measures presenting the main contentious issue.
SOUTH EASTERN EUROPE
ROMANIA: The EUR/RON moved higher last week in thin post-Easter trading.
SERBIA: The EUR/RSD remained bound within a tight range of 122.55/75 – 122.80/00 last week, closing Friday’ssession at 122.70/90.
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