Daily Overview of Global Markets & the SEE Region (Friday, 3 May, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Asian bourses stayed within tight ranges today amid thin holiday trade while investors await the release of the April’s US employment situation report (12:30GMT). China and Japan remained closed today for public holidays and will re-open on Monday and Tuesday, respectively. In FX markets, the DXY index retained a firm tone, supported by the Fed Chair’s recent comments, which downplayed some investors’ expectations for lower interest rates by the end of this year. Besides the US employment situation report, focus today is also on the euro area preliminary inflation prints for March.
GREECE: Decisions made yesterday by the EFSF and ESM on the back of Greece’s compliance to the EPPS commitments will lead to a total benefit for the country I the order of €973 million. Meanwhile, the Eurogroup Working Group (EWG) greenlighted the early repayment of €3.7 million of IMF’s loans, which bear an interest rate of 5.13% and mature in 2019 and 2020.
SOUTH EASTERN EUROPE
CESEE MACRO DEVELOPMENTS: This week’s major economic events in the region are considered the Monetary Policy Meetings held yesterday in Hungary and the Czech Republic. The National Bank of Hungary (MNB) left both the policy and the overnight deposit rate unchanged at 0.9% and -0.05%, respectively. The Czech Central Bank (CNB) increased its main interest rate by 25bps to 2.0%, the eighth hike over the last two years. Both decisions were broadly in line with market expectations.
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