Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street advanced on Tuesday following the US new home sales surge, which reinforced the view that the US economy is strong enough to withstand higher interest rates. Mirroring the positive tone in the US equity market, major Asian and European stock indices were trading higher today. Risk-on sentiment favored crude oil prices, while US Treasuries remained under pressure. In FX markets, the US dollar firmed yesterday against its major currency peers due to increased rate hike expectations amid upbeat US home sales and recent hawkish comments from various Fed officials.
GREECE: The Eurogroup welcomed the full staff level agreement on Greece in the early hours of May 25 2016. This agreement will permit the disbursement of the next tranche from the 3rd Economic Adjustment Programme, the implementation of the roadmap regarding the debt relief measures aiming to reduce Greek public debt as well as the expected full participation of the IMF in the programme before the end of 2016.
SOUTH EASTERN EUROPE
CESEE MARKETS: Trailing gains in major global bourses, emerging stock markets rallied earlier on Wednesday thanks to rising oil prices and upbeat data from the US that soothed worries over global growth prospects. Against this backdrop, a similar picture was witnessed in regional currencyand government bond markets in European trade today.
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