WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: German government bonds retained a firm tone in European trade on Wednesday and the EUR moved lower amid heightened concerns about the health of the European banking sector. Focus today is on ECB President Mario Draghi who is scheduled to appear before a Bundestag committee in Berlin while Fed Chair Janet Yellen will deliver her semi-annual testimony before the U.S House Financial Services Committee. On the data front, key releases today include US durable goods orders for August.
GREECE: The multi-bill with the legislative actions pertaining to a number of items for the release of the €2.8 ESM loan sub-tranche passed in Parliament yesterday, with the support of the SYRIZA-ANEL coalition MPs. According to the final 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. According to the Bank of Greece (BoG), the annual growth rate of total credit extended to the domestic private sector in August 2016 stood at -1.7% from -1.6% in the previous month. While deposits and repos of non MFIs in MFIs in Greece (excluding the BoG) increased by €750mn in August 2016.
Viewers can log herebelow and read the full report: Daily Overview September 28 2016