Home Banking Daily Overview of Global Markets & the SEE Region (Thursday, 27 June, 2019)

Daily Overview of Global Markets & the SEE Region (Thursday, 27 June, 2019)

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Daily Overview of Global Markets & the SEE Region (Thursday, 27 June, 2019)



GLOBAL MARKETS:   Taking their lead from modestly firmer Asian bourses today, European equity markets opened in positive territory on Thursday amid hopes that the meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of this week’s G20 summit will likely lead to some reduction in trade tensions. Today’s tentative improvement in equity markets’ performance and reduced expectations for an aggressive 50bps Fed rate cut at the July policy meeting following less-dovish-than-expected comments by St. Louis Fed President James Bullard earlier this week – seen as one of the most dovish FOMC participants – pushed US government bond yields slightly higher. In FX markets, the USD continued to recover modestly for the second consecutive session. In terms of data releases, today we expect HICP figures from Germany and Spain along with the European Commission’s economic confidence indicator, both for June.

GREECE: According to the PDMA Annual Borrowing and Debt 2018 Report, the gross financing needs of the state budget in 2018 (excl. the stock of short-term and repos debt) reached €10,310mn that were covered by: loans of €34,640mn, income from privatisations (sale of shares) €752mn, and revenue from financial transactions of €789mn. As a result, at the end of 2018 cash reserves amounted to €26,819 increased by €25,871mn compared to the end of 2017.


CYPRUS: According to the preliminary fiscal results, the general government in ESA2010 terms recorded a surplus of 2.1% of GDP in Q1-2019.

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