Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In line with market expectations, OPEC and non-OPEC members decided at their meeting on Thursday May 25th to extend for nine months to March 2018 the output-cut agreement of 1.8mn barrels per day. However, the lack of greater than expected oil production cuts and potential caps on Libya and Nigeria, pushed oil prices lower. In FX markets, GBP came under pressure after an opinion poll suggested that the lead of PM Theresa May’s Conservative Party against the major opposition Labour Party has narrowed. Looking at the day ahead, focus is on the second estimate of US Q1 GDP growth.
GREECE: The minutes from the May 22nd Eurogroup that have leaked to the press provide some insight as to the discussions held and the positions of the different parties involved. With regard to the remaining prior actions attached to the 2nd programme review, these relate mainly to the labour market reform and the pension reform but it is considered that these remaining issues will be fulfilled swiftly and are not expected to hamper the completion of the 2nd review. According to data by the Bank of Greece, for the period January – March 2017 the change in travel receipts and inbound travelers was -4.8%YoY and -1.8%YoY respectively.
SOUTH EASTERN EUROPE
ROMANIA: The consolidated government balance in cash terms was still in surplus in Jan-Apr 2017.
Viewers can log herebelow and read the full report: Daily Overview May 26 2017
