Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Oil prices retained a firm tone supported by the OPEC agreement earlier this week to cut supply by 1.2mn bbl/d to the new official target of 32.5mn bbl/d as of January 2017, Against this background, major government bond markets remained under pressure while the USD was modestly weaker on profit taking following post-US presidential election hefty gains. Market focus today is on the US November non-farm payrolls report.
GREECE: During a news conference, European Commissioner Pierre Moscovici expressed confidence that a staff level agreement on the conditionality underlying the 2nd programme review is within reach adding that this would allow euro area finance ministers to start discussions also on “medium-term” debt relief measures for Greece at next week’s Eurogroup meeting. A bill incorporating the required legal framework for the adoption of a number of provisions removing certain tax exemptions, purportedly as a means for covering a projected FY-2018 fiscal shortfall, is reportedly expected to be submitted to parliament in the coming days. The seasonally adjusted Markit Greece Manufacturing Purchasing Mangers’ Index (PMI) fell to a one-year low of 48.3 in November from October’s 48.6.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets were broadly mixed earlier on Friday ahead of the release of the US non-farm payrolls report due later today. Investor caution also prevailed ahead of the Italian referendum on Sunday.
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Daily Overview December 2 2016
