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GLOBAL & REGIONAL DAILY (Friday 24, April 2020)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
April 24, 2020
Global Markets
The Eurozone headline composite PMI dropped further to a fresh record low in April, with the services sector worst hit compared to manufacturing. Meanwhile, the European Council failed to reach an agreement on the specific features of a post-pandemic Recovery Fund at yesterday’s video conference. Today, S&P is scheduled to review its rating of the Italian sovereign.
Greece
The institutions reportedly requested more detailed quantification on the Greek government’s proposal on the new first household insolvency framework. Fitch maintained Greece’s sovereign credit rating to ‘BB’ and revised the outlook to ‘stable’ from ‘positive’.
CESEE
Bulgaria: The government expects Bulgaria to join the ERM II by the end of July. Regarding the last step before the government can apply for entry in the ERM II, this pertains to the FiBank’s capital increase by BGN 200mn which the Financial Supervision Commission appears to have approved this time, following the rejection of another proposal in late 2019.
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