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GLOBAL & REGIONAL DAILY (Wednesday 13, May 2020)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
May 13, 2020
Global Markets
Global equity markets were moderately weak in early trade today amid concerns over the risk of renewed US/China tensions and mounting fears over a second wave of coronavirus cases. All eyes today are on Fed Chair Jerome Powell’s speech on the economic outlook (13:00GMT) as Fed Fund futures are discounting the possibility of negative interest rates by mid- 2021.
Greece
According to ELSTAT, in Feb-20 total building activity based on the number of issued building permits reached 1,599, higher by 64.3%YoY while private building activity amounted to 1,586 permits up by 63.2%YoY. According to ESM Managing Director Klaus Regling, Greece’s public debt will increase as a result of the COVID-19 crisis, but will be manageable.
CESEE
Bulgaria: EC Vice President, Valdis Dombrovskis stated in the local media yesterday that Bulgaria will join the ERM II in July provided that the FiBank successfully strengthens its capital by that time. Serbia: The Ministry of Finance raised EUR 2bn yesterday through a 7-year Eurobond. Investors’ interest was very strong, as bids exceeded EUR 7bn.
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