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GLOBAL & REGIONAL DAILY (Tuesday, 8 October 2019)

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GLOBAL & REGIONAL DAILY (Tuesday, 8 October 2019)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

October 8, 2019

Global Markets

Investors retain a cautious stance on risk assets today ahead of the new round of high-level US/China trade negotiations starting on Thursday, 10 October. Market hopes for an interim trade deal in the foreseeable future prevail, pushing UST and German Bund yields slightly higher in early European trade. The EUR/USD continued to hover within the 1.09-1.10 recent range ahead of today’s speech by FOMC Chair Jerome Powell.

Greece

The draft 2020 Budget that was submitted to Parliament yesterday, foresees 2020 real GDP growth of 2.8% supported by the reform of personal income taxation and the lowering of corporate tax rates that are expected to boost private consumption and investments.

CESEE

Serbia: The central government debt fell by EUR 16.0mn or 0.1% MoM to EUR 23.8bn in August while the central government budget surplus increased by 26.7% YoY to RSD 46.6bn, accounting to ca 0.9% of GDP. This Thursday, the National Bank of Serbia will hold its monthly meeting and a further rate cut may not come as a surprise.

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