Daily Overview of Global Markets & the SEE Region (Thursday, 23 May, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Mirroring the negative tone in Wall Street overnight, Asian equity indices hit 4-month lows on Thursday with Chinese bourses experiencing the heaviest losses as negative trade headlines continued to take centre stage. Risk-off sentiment favored US Treasuries, with the 10-yr yield dropping by 2 bps to a five-session low of the 2.37% in early European trade. In Europe, core government bond markets advanced as well, with the 10-yr Bund yield falling by 2bps to a multi session low of -0.10% at the time of writing, following the Leader of the House of Commons Andrea Leadsom’s resignation from the British government. In FX markets, the GBP dipped another 0.5% in early trade on Thursday following Theresa May’s heightened pressure from her own MPs to resign, while the JPY advanced broadly on Thursday amid increased trade war woes and Brexit related uncertainty.
GREECE: According to the Bank of Greece, in April 2019 the Emergency Liquidity Assistance (ELA) to the Greek banks was almost zero at ca €2.7 mn from €86.8 bn in June 2015. ECB Funding was at €8.5 bn registering a year-to-date decrease of 17.4%.
SOUTH EASTERN EUROPE
CYPRUS: Rating agencies remained on hold in the last round of sovereign rating assessments.
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