WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street surged to new record highs overnight, shrugging off the latest missile test by North Korea late on Tuesday. The prospects for the eventual endorsement of the US tax reform seemed to improve, following the vote by the Senate Budget Committee y-day to submit the tax plan for approval to the full Senate reportedly on Thursday. Furthermore, market sentiment was also supported by positive US macro data that exceeded market expectations. In FX markets, on track for its worst month since July and its worst year since 2003, the US dollar fell against its major currency peers on Wednesday, dragged down by broad strength in sterling as well as renewed concerns over a possible U.S. government shutdown after Democrats pulled out of a meeting with US President Donald Trump. Looking at today’s calendar, focus centres on Fed Chair Yellen’s testimony before the congressional Joint Economic Committee in Washington in the afternoon. On the US macro data front, the second reading of US Q3 GDP is expected to take centre stage, as well as October pending home sales for the US and the Fed’s Beige Book. In the euro area, November confidence indicators are due later in the day.
GREECE: The electronic auctions platform is launching today with two auctions. According to notaries, the aim is to gradually carry out around 70% of total auctions electronically by March 2018. The GGB strip re-profiling was completed yesterday and according to reports participation reached around 80% against the initial Public Debt Management Agency (PDMA) target of 65%. According to the Bank of Greece, in October 2017 deposits in the private sector reached EUR 123.7 billion, increased by EUR 1.1 billion MoM, while credit to the private sector decreased by EUR 0.6 billion MoM.
SOUTH EASTERN EUROPE
ROMANIA: The consolidated government budget in cash terms recorded a small surplus of RON 199mn in the month of October, bringing the year to October deficit at 0.8% of projected GDP.
Viewers can log herebelow and read the full report: Daily Overview November 29 2017