WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market sentiment towards risky assets improved on Tuesday on the view that Democratic candidate Hillary Clinton is more likely to win today’s US Presidential election. US Treasury yields were modestly lower, while the US currency was slightly weaker on a daily basis. The first US states are expected to begin announcing election results from 0:01 GMT on Wednesday.
GREECE: The state of play of the 2nd programme review was discussed at yesterday’s Eurogroup. According to the Eurogroup President, Jeroen Dijsselbloem, cooperation between the institutions and the Greek authorities is reported as fruitful and progress is being made while the swift conclusion of the review is to the interest of all. With respect to medium-term debt relief measures, Greece, the IMF and the European Commission are reportedly pushing for more details now, while German FinMin argues that anything beyond the short-term measures will be discussed after the completion of the programme (i.e. August 2018). According to ELSTAT, the total value of goods exports for the 9-month period from January to September 2016 amounted to €18.6bn in comparison with €19.3bn for the corresponding period of 2015, recording a drop of 3.7% YoY.
SOUTH EASTERN EUROPE
BULGARIA: With 95.17% of the vote having been counted, the candidate of opposition Socialist party and former air force commander, Rumen Radev, won the first round on Sunday’s presidential election with a share of 25.7% of the vote. Parliament speaker and ruling centre-right Citizens for European Development of Bulgaria (GERB) party nominee Tsetska Tsacheva proved the runner up, having scored 22.0% of the tally. With no candidate having achieved an overall majority, the two will compete in a run-off that is scheduled on November 13.
ROMANIA: Nominal wage growth remained robust in September while the parliament endorsed a new round of public sector wage hikes ahead of the parliamentary elections in December.
Viewers can log herebelow and read the full report: Daily Overview November 8 2016