Home » Daily Overview of Global Markets & the SEE Region (Wednesday, October 25, 2017)

Daily Overview of Global Markets & the SEE Region (Wednesday, October 25, 2017)

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



GLOBAL MARKETS: The USD was firmer in European trade on Wednesday on newswires suggesting that Stanford University economist John Taylor is the potential nominee for the post of the Fed Chair after the term of incumbent Janet Yellen expires in early February 2018. US Treasury yields also moved higher with short-dated paper underperforming. German Bund yields also moved higher amid increased expectations for an ECB QE tapering announcement at Thursday’s monetary policy meeting. In FX markets, range-bound trading for the EUR/UDS is likely to prevail ahead of tomorrow’s ECB meeting. The GBP gained some ground amid increased expectations for a BoE rate hike at the November 2nd meeting after data released earlier today showed that UK Q3 GDP rose by a higher-than-expected 0.4%QoQ. Looking at the remainder of the day, US new home sales and durable goods orders for September are due while on the sovereign debt supply side, the US Treasury will sell $34bn in 5-yr notes and $15bn in 2-year floating rate notes. The BoE also convenes today and is expected to stay put in light of recent comments by BoC officials.

GREECE: The 3rd programme review is ongoing, and according to press, among the issues under scrutiny at this stage is the projected fiscal performance of 2018 with the institutions reportedly estimating a fiscal gap in the area of 0.2 – 0.3% of GDP. The Public Debt Management Agency (PDMA) is reportedly planning to proceed next week to the swap of 20 PSI bonds with maturities from 2023 to 2042 with 4 or 5 new bonds. According to the Bank of Greece, in August 2017 travel receipts rose by 16.4% while for the period January-August 2017 they increased by 9.1%YoY.


CESEE MARKETS: Emerging market assets were mixed earlier on Wednesday as market caution prevailed ahead of the ECB meeting tomorrow.

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Daily Overview October 25 2017

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