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Daily Overview of Global Markets & the SEE Region (Thursday, 28 March 2019)

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Daily Overview of Global Markets & the SEE Region (Thursday, 28 March 2019)

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS:  The bull-run in US Treasuries and core EU government bonds continues amid mounting Brexit-related worries and expectations for more monetary policy easing by major CBs amid heightened concerns about a more pronounced than expected slowdown in the global economy. UK MPs voted last night on eight options as alternatives to PM Theresa May’s Brexit plan but none of them received a majority. Meanwhile, speaking at a conference in Frankfurt yesterday morning, ECB President Mario Draghi sounded dovish saying that the Central Bank is willing to further delay a planned rate hike if necessary and warned that risks to growth are on the rise. German Bunds extended recent gains with the 10-yr yield falling to -0.0.9% earlier today, the lowest level since mid-2016 while the US Treasury yield curve, as measured by the yield spread between the 10-yr note and the 3-month T-bill inverted further. In FX markets, the GBP weakened on mounting Brexit uncertainty following the inconclusive outcome of yesterday’s vote in the House of Commons.

GREECE:  The institutions have still reportedly a number of concerns regarding the new household insolvency bill tabled yesterday by the Greek government, which however, may be resolved by the 5 April Eurogroup.

SOUTH EASTERN EUROPE

BULGARIA: The latest IMF Article IV consultation report forecasts GDP growth to reach 3.3% in 2019.

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