WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The US House of Representatives is scheduled to vote on its tax reform plan later today while the Senate continues to make adjustments on its own plan with an intention to vote by December 12. Meanwhile, shrugging off Wall Street’s losses overnight, risk appetite seems to be stabilizing after the recent flare-up of risk aversion. In FX markets, the USD gained some ground supported by Wednesday’s positive US data, but still below recent highs. The US yield curve continued to flatten while Eurozone bond markets retained a positive tone in European trade retracing just a part of yesterday’s hefty gains. Looking at today’s calendar, the main highlights include the final reading of euro zone inflation for October, UK October retail sales while in the US we will receive the Philly Fed’s November manufacturing survey, the October industrial production report, the November NAHB housing index and the weekly jobless claims.
GREECE: According to press reports, around 30% of the prior actions in the context of the 3rd programme review have so far been completed and although the institutions are apparently willing to be more flexible in some cases, other prior actions, such as electronic auctions and energy market reforms, are considered absolute prerequisites for the closing of the review. Electronic auctions will reportedly be launched on 29 November as planned and will initially take place once a week.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets traded mostly in the black earlier on Thursday as risk sentiment appeared to be improving. Regional bourses were mixed, while currencies extended their recent gains and government bonds mostly fell.
Viewers can log herebelow and read the full report: Daily Overview November 16 2017