Home Banking Daily Overview of Global Markets & the SEE Region (Wednesday, November 30, 2016)

Daily Overview of Global Markets & the SEE Region (Wednesday, November 30, 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: Awaiting the outcome of the OPEC meeting and ahead of key data releases today, major currency pairs were range-bound in early European trade on Wednesday. Elsewhere, US Treasury yields were slightly higher in European trade following a bulk of positive US data yesterday. The OPEC meeting is scheduled to start at 10:00GMT in Vienna with a press conference to follow at 16:00GMT.

GREECE: Greece’s real GDP growth of Q3 2016 was upwardly revised to +0.8%/+1.8% QoQ/YoY from +0.5%/+1.5% QoQ/YoY in the flash estimate published on November 14th. We now see a good chance of 2016 real GDP growth coming in a positive territory and even slightly exceeding the latest IMF forecast of +0.1%.  This should translate in a positive carry over into next year to the tune of +0.7ppts. In other news, a number of EU officials expressed optimism over the last few sessions for a staff level agreement on Greece’s 2nd programme review in time for the next Eurogroup on December 5th  .

SOUTH EASTERN EUROPE

CESEE MARKETS: The majority of emerging market assets gained ground earlier on Wednesday, although being broadly poised to end the month in the red, weighed down by a firmer dollar as well as higher UST yields in reaction to the US election outcome earlier in November.

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Daily Overview November 30 2016

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