GLOBAL & REGIONAL DAILY (Friday 9 October, 2020)
GLOBAL & REGIONAL DAILY
October 9 2020
In spite of poor US initial jobless claims data, equity markets were firmer earlier today amid revived hopes for a US fiscal stimulus deal. Favored by ongoing uncertainty over the US elections and Brexit, both USTs and German Bunds were firmer on the day while, in FX markets, the USD lost some ground, with the EUR/USD stabilising above 1.1750.
According to the ELSTAT labour force survey, the seasonally adjusted unemployment rate in Jul-20 was 16.8% compared to 17.1% in Jul-19 and the downwards revised 18.0% in Jun-20. On the pandemic front, the average daily cases for the week ending yesterday stood at 357, somewhat elevated compared to the 324 average of the previous week.
In its latest Europe and Central Asia Economic Update, the World Bank (WB) forecast that Bulgaria’s GDP will shrink by -5.1% in 2020 from -6.2% forecast in May, while Serbia’s forecast was revised downwards to -3.0% in 2020 compared to -2.5% in June. Both economies are expected to return to positive growth rates in 2021.
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