Home Banking Daily Overview of Global Markets & the SEE Region (Monday, March 27, 2017)

Daily Overview of Global Markets & the SEE Region (Monday, March 27, 2017)

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Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,



GLOBAL MARKETS: The USD moved lower, US futures point to a weaker open on Wall Street later today and US Treasuries gained on increased uncertainty about US President Donald Trump’s ability to push through tax cuts and fiscal spending promised in his election campaign. The US President decided on Friday to cancel the planned vote of the Affordable Care Act (or “Obamacare”) repeal bill in the House of Representatives, a major election campaign promise, after reportedly failing to secure enough Republicans to cast a positive vote. Looking at this week’s calendar, focus is on US PCE core inflation and euro area HICP inflation data, both on Friday, while on Wednesday March 29th the UK government has announced in a letter to the EU that the Prime Minister will trigger Article 50.

GREECE: According to press reports sources from the institutions claim that during official talks that took place in Brussels last week, the Greek side and the institutions came close to an agreement in all pending items and that it is now a matter of political will from the Greek government to commit to this agreement so that the technical staff can return to Athens and finalise the technical details.


BULGARIA: The domestic equity market ended last week, though, the main SOFIX index managed to add ca 0.7% and reach new 8.5-year highs. Meanwhile, the local sovereign market remained very quiet and Eurobonds were well-supported despite election concerns. With 89.7% of the votes counted, the centre-right pro-EU ruling Citizens for European Development of Bulgaria (GERB) won Sunday’s snap general election ballot with a share of 32.58%. The second largest party in Parliament, the Bulgarian Socialist Party (BSP), was the runner up on Sunday’s polls having scored 26.8%.

SERBIA: In FX markets, the EUR/RSD remained bound within a tight range of 123.75-124.0 last week.

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