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Daily Overview of Global Markets & the SEE Region (Monday, 27 May, 2019)
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The outcome of the European elections was In line with expectations as the four pro-EU parties, the conservative European People’s Party (EPP), the Progressive Alliance of Socialists & Democrats (S&P), the Liberals (ALDE) and the Greens/EFA, secured two-thirds of the total seats. In FX markets, the EUR was little moved while USTs and German government bonds remained well supported, favored by the renewed tension in the US/China trade war and increased concerns about the global growth outlook.
GREECE: The main opposition party New Democracy (ND) achieved a substantial victory at yesterday’s European Parliament (EP) elections receiving 33.3% (22.7% in EP elections 2014) of the vote against 23.7% (26.6% in EP elections 2014) for the ruling party SYRIZA, compelling the Greek PM Alexis Tsipras to call snap general elections.
SOUTH EASTERN EUROPE
CESEE POLITICAL DEVELOPMENTS: Following the completion of the Euro parliament elections in all EU member states, which started on past Thursday and concluded yesterday and while results are still gathered and assessed at the time of writing, at first glance, the common denominator between the region and the whole EU is the increased turnout in the elections compared to that in 2014. Participation in the EU rose above 50% for the first time since 1979 when turnout was close to 62% and slid to the historical low of 42.6% in 2014. In detail, the turnout in Poland reached 43% from 24% in 2014 while in Hungary it stood at 43.4% from 29% in the 2014 elections.
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