Dr. Platon , Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Perceived risky assets retained a positive tone in early trade on Tuesday as fears over another missile launch from North Korea over the weekend proved unfounded while Hurricane Irma appeared to have caused less damage than some had expected. Against this background, European bourses opened higher taking their lead from Wall Street’s positive performance overnight while, in FX markets, the USD continued to move higher. On the flipside, safe haven assets continued to lose their allure. Looking at today’s calendar, we expect UK inflation data for August while ECB Vice President Vitor Constancio is due to speak at the ECB workshop “Monetary policy in non-standard times” at 15:45 CET.
GREECE: The technical staff of the institutions (EC/ECB/ESM/IMF) arrived in Athens yesterday to assess the implementation of the remaining prior actions attached to the 2nd programme review and do preparatory work for the 3rd review, while Eurogroup President Jeroen Dijsselbloem is expected to come to Athens this week to discuss with the Greek FinMin the progress of the 3rdEconomic Adjustment Programme. On this wavelength, according to the agenda of the 15 September Eurogroup, “Greece’s Minister of Finance, Euclid Tsakalotos, and the institutions (EC/ECB/ESM/IMF) will brief the Eurogroup on progress in Greece’s ongoing economic adjustment programme and on plans related to the upcoming third review of the programme”.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets were mixed earlier on Tuesday as the USD’s recovery over the last couple of sessions counterbalanced somewhat easing concerns about the impact of Hurricane Irma and the lack of any new adverse developments in the Korean peninsula.
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