Daily Overview of Global Markets & the SEE Region (Thursday, 9 May, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Asian equity markets traded around eight-week lows on Thursday on the back of heightened uncertainty over the outcome of the US/China trade negotiations. US and German government bonds gained momentum, while the USD/JPY fell to a six-week low of 109.70 overnight on Thursday, as the safe haven government bonds and the JPY were favored by risk-off sentiment amid renewed trade war frictions. Elsewhere, the EUR/USD consolidated around levels of 1.1200 in European trade at the time of writing, trading in a tight 1.1155- 1.1218 range during the week. In commodity markets, the Brent crude oil was trading ca. 1.0% lower at the time of writing amid increased US/Iran tensions and an unfavorable outlook for Iranian oil exports, overshadowing a sudden drop in US crude stockpiles.
GREECE: Meetings between the Greek government and the institutions in the context of the 3rd Enhanced Surveillance Post Programme (EPPS) review concluded yesterday and creditors’ officials stated that talks on economic policy challenges and priorities will continue with the Greek government. As regards the measures announced by the Greek PM Alexis Tsipras on Tuesday evening, the institutions stated that they will be assessed “with a view to compliance with agreed fiscal targets and consistency with Greece’s post-programme commitments to the Eurogroup”.
SOUTH EASTERN EUROPE
CYPRUS: Τhe EU Commission downgraded its GDP growth forecasts for the Cypriot economy in its latest Spring-forecasts.
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