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Home Banking GLOBAL & REGIONAL DAILY (Thursday 7, May 2020)

GLOBAL & REGIONAL DAILY (Thursday 7, May 2020)

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GLOBAL & REGIONAL DAILY (Thursday 7, May 2020)

GLOBAL & REGIONAL DAILY

HIGHLIGHTS

May 7, 2020

Global Markets

Long-dated UST yields moved higher on supply jitters, while in FX markets, the USD firmed across the board.  Against this background, the EUR/USD weakened, moving below 1.08 for the first time since 24 April. The European Commission’s gloomy economic outlook for the Euro area, also put pressure on the common currency.

Greece

The European Commission Spring forecast foresees Greek real GDP to contract by 9.7% in 2020, mainly due to the plunge in tourism, and then rebound by 7.9% in 2021. The Minister of Finance Christos Staikouras stated in an interview that the EC forecasts do not take into account that the economy is reopening quicker than anticipated.

CESEE

Bulgaria’s economy will contract by 7.2%YoY in 2020 and rebound by 6.0% in 2021, the EC estimated in its latest economic forecast, released yesterday. The forecast was more pessimistic than the IMF’s and WB’s projections for GDP contraction of -4.0% and -3.7%, respectively, this year.

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