WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: German Bund yields were lower in European trade amid mounting political uncertainty over the potential formation of a new grand coalition government in Germany. During the three-day SPD conference that starts today the political party will hold a number of elections including a leadership election and one on the proposition of entering a new grand coalition with the CDU/CSU. In FX markets, the USD was marginally stronger with the EUR/USD trading not too far from Wednesday’s two-week lows. The GBP also remained under pressure amid worries that a Brexit deal may not be reached at the upcoming EU Council scheduled for December 14-15 due to an impasse over the Irish border. Looking at the remainder of the day, ECB President Mario Draghi is scheduled to speak at a press conference while the US President is scheduled to meet with Republican and Democratic congressional leaders to discuss about the expiring budget of the current fiscal year in order to avoid a possible government shutdown at the end of this week.
GREECE: Addressing the European Parliament Economic and Financial Affairs Council, Eurogroup President Jeroen Dijsselbloem mentioned that Greece has “turned page” both economically and politically and added that conditional on the timely completion of the 3rd programme review talks on further debt relief measures may commence in as early as January 2018. According to the Hellenic Statistical Authority, the seasonally adjusted unemployment rate in September 2017 was 20.5% compared to 23.2% in September 2016 and the upward revised 20.7% in August 2017.
SOUTH EASTERN EUROPE
ROMANIA: The government cabinet approved the budget framework of 2018 yesterday.
Viewers can log herebelow and read the full report: Daily Overview December 7 2017