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GLOBAL & REGIONAL DAILY (Wednesday 29, April 2020)

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GLOBAL & REGIONAL DAILY (Wednesday 29, April 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

April 29, 2020

Global Markets

In FX markets, the USD lost some ground ahead of the Fed’s monetary policy decision later today. Against this background, the EUR/USD gained, recovering yesterday’s losses triggered by Fitch’s unscheduled decision for a downgrade on Italy’s sovereign rating to BBB-, one notch above non-investment grade.

Greece

The Prime Minister Kyriakos Mitsotakis announced yesterday the gradual easing of containment measures in seven stages, beginning on May 4th. According to press, the Stability Programme 2020-2021 will incorporate a baseline scenario with a GDP contraction of -4.7% in 2020 and an adverse scenario with a GDP contraction of -8.0% to -9.0% for 2020.

CESEE

Bulgaria: Fitch Ratings, affirmed the country’s sovereign long-term foreign-currency rating at BBB but downgraded the outlook rating from positive to stable. Serbia: According to the NBS Governor, Jorgovanka Tabakovic, the expected fall of GDP in 2020 will be smaller than the 3% contraction projected by the IMF in its latest WEO.

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