Home Banking Daily Overview of Global Markets & the SEE Region (Tuesday, November 21, 2017)

Daily Overview of Global Markets & the SEE Region (Tuesday, November 21, 2017)

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



GLOBAL MARKETS: Increased political uncertainty in Germany keeps the EUR under pressure with the EUR/USD hovering around 1.1730/35 in European trade on Tuesday, close to Monday’s multi-session intraday low of 1.1720, after hitting a five-week high of 1.1860 last week. Turning to bond markets, Bunds were firmer with the 10-yr yield falling to levels close to 0.33% earlier today for the first time in the last two weeks. In the absence of major data releases today, market focus remains on Germany. In an attempt for coalition talks to resume successfully and repeated elections to be avoided, German President Frank-Walter Steinmeier will hold discussions with the heads of the Greens and the FDP party today while he is scheduled to meet SPD party chairman Martin Schulz on Wednesday.

GREECE: With regard to the progress in the 3rd programme review, the processing of pension applications according to the new benefit rules (Law 4387/2016), which constitutes a prior action, began yesterday while according to press reports, the list of PPC production units that will be put up for sale will likely be announced by the end of the week. According to the Hellenic Statistical Authority (ELSTAT), in September 2017 the turnover index in industry decreased 0.8%YoY, due to a drop of 1.0%YoY in the manufacturing turnover index which more than offset the 10.6%YoY increase in the mining and quarrying turnover index. According to the Bank of Greece, the balance of payments in September 2017 recorded a surplus of EUR1,213 million, increased by EUR348 million on an annual basis.


CESEE MARKETS: Emerging market stocks mostly firmed earlier on Tuesday, led by gains in Asian bourses, which pushed the MSCI Emerging Markets index to a new 6-year high. Meanwhile, currencies lost some ground as the US dollar moved higher.

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