Home Banking Daily Overview of Global Markets & the SEE Region (Friday, September 02, 2016)

Daily Overview of Global Markets & the SEE Region (Friday, September 02, 2016)

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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: All eyes today are on the US non-farm payrolls report for August which, in line with recent comments by Fed Vice Chairman Stanley Fischer, is expected to have an impact on the Fed’s near-term monetary policy deliberations. Market expectations are for a c. 170k increase in the headline from 255k in July as well as a 0.1pp drop to 4.8% in the unemployment rate.

GREECE: Addressing the Hellenic Parliament yesterday, Alternate FinMin George Chouliarakis reaffirmed the Greek government’s trust in the data produced and released by the Hellenic Statistical Authority (ELSTAT).  IMF Managing Director Christine Lagarde stated in an interview to Reuters that for the IMF to financially participate in Greece’s programme there have to be significant reforms and a debt that is sustainable by the fund’s standards.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets continued to trade sideways earlier on Friday, as caution prevailed ahead of the key US labour market data release later on the day, which is eagerly awaited by investors for any hints over the Fed’s monetary policy deliberations ahead. In the local currency debt markets, the Romanian finance ministry raised at an auction on Thursday RON 100.6mn (~€ 22.47mn) of 2027 Treasury bonds, selling a smaller than initially planned amount, at an average accepted yield of 3.13%.

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Daily Overview September 2 2016

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