Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In the monetary policy meeting that concluded earlier today, the BoJ decided to keep major interest rates unchanged and proceed with certain amendments to its QQE program introducing a new policy framework “QQE with yield curve control. Reacting to the BoJ’s policy decision, the 10-yr JGB yield briefly rose into positive territory earlier today for the first time since March before moving back to negative rates a few hours later. In FX markets, the USD/JPY gave back most of its post-BoJ gains ahead of the Fed monetary policy decision at 20:00 CET today.
GREECE: According to the State Budget Execution data for August 2016 the respective fiscal deficit was at €1.04 bn, against a targeted deficit of €3.88 bn in the 2016 Budget. The State Budget Primary Balance recorded a surplus of €3.76 bn, against a targeted primary deficit of €0.98 bn in the 2016 Budget.
SOUTH EASTERN EUROPE
BULGARIA: An IMF mission concluded its annual visit in Bulgaria and published its findings yesterday. The IMF mission statement acknowledged the resilience of the Bulgarian economy to multiple shocks in recent years and described the latest macroeconomic developments as encouraging.
CESEE MARKETS: Emerging market assets broadly firmed in morning trade on Wednesday after the Bank of Japan meeting. All eyes are on the Fed’s monetary policy announcement today.
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