Daily Overview of Global Markets & the SEE Region (Tuesday, 23 April, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Following light volumes in Wall Street overnight, Asian equity indices advanced marginally on Tuesday with many markets reopening after the Easter holiday. Oil prices surged to a fresh year-to-date high after the Trump administration’s decision not to extent waivers that allow eight countries to import Iranian crude oil without facing U.S. sanctions. In FX markets, driven by the surge in oil, the Russian ruble hit its highest level against the EUR in more than a year, while the USD retained a firm tone, overshadowing weak US home sales reported yesterday. In terms of data releases, April consumer confidence print for the Euro Area is due later today, while in the US, FHFA house price index for February, March new home sales and April Richmond Fed manufacturing index will be also worth watching.
GREECE: According to data referring to the Balance of Payments (BoP), released by the Bank of Greece (BoG), total Greek exports increased on an annual basis by 7.7% or €628.6 mn (current prices) in Jan-Feb 2019. For the same period, total Greek imports grew by 5.8% or €641.5 mn. As such, the deficit in the goods and services balance widened marginally by €12.9 mn.
SOUTH EASTERN EUROPE
CYPRUS: Non-performing exposure (NPEs) declined by €834mn in December 2018, bringing the NPEs ratio down to 30.3%.
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