Daily Overview of Global Markets & the SEE Region (Thursday, 25 April, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of Asian equity markets traded in the red on Thursday, after a sharp deterioration in German and South Korean economic data regenerated fears about global economic slowdown. Risk-off sentiment pushed investors to safe haven assets, with the 10-yr Bund yield hovering near a two-week low of -0.017% and the 10-yr Treasury yield trading also around a two-week low of 2.52% in early European trade. In FX markets, the EUR/USD fell to a 22-month low of 1.114 yesterday and traded around this level at the time of writing, while the JPY/USD dropped marginally to near 112.00 in early European trade on Thursday, within distance from yesterday’s four-month high of 112.39, after the Bank of Japan left its policy unchanged at its monetary policy meeting overnight.
GREECE: According to the Bank of Greece, in February 2019, travel receipts increased 29.6%YoY while for the period January-February 2019, travel receipts totaled €441million, up by 41.1% compared to the respective period of 2018. An important element is that the average non-resident expenditure per trip in Greece in the period January to February stood at €378, up by 32%YoY, while in the corresponding period of 2018 it stood at €287 down by 5% relative to the respective period of 2017. According to INSETE, an annual decrease of 7.7% is recorded in international airport arrivals in Q1-2019, which is attributed solely to an increase in arrivals to the city-break destinations Athens and Thessaloniki.
SOUTH EASTERN EUROPE
SERBIA: The delegation of Serbia led by President Aleksandar Vucic inked a number of bilateral agreements in the area of infrastructure and innovations in Beijing yesterday, with the estimated cost of all projects exceeding EUR1.1bn and pertaining to roads, railroads and an industrial park construction in Serbia. Moreover, an IMF mission will arrive in Serbia at the beginning of May for a two weeks visit. The mission will assess the results achieved in 2018 and the progress in the implementation of structural reforms. Finally, the Ministry of Finance raised RSD7.1bn in three-year bonds on Tuesday, at the reopening of the January 15, 2019 bond issue. The notes bear a 3.75% annual coupon, were sold at an average yield of 3.68%, down from the yield of 3.69% achieved on the Mar 19 auction of dinar bonds with the same maturity, and expire on January 17, 2022.
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