GLOBAL & REGIONAL DAILY (Friday 18 December, 2020)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
December 18 2020
Global Markets
Congressional leaders are reportedly getting closer to an agreement on a Covid-19 relief stimulus package worth around $900bn. US stimulus hopes allowed global equities to retain an overall positive tone in spite of increased US/China tensions. In FX markets, the USD remained under pressure, with the DXY index dropping below 90 for the first time in the last 2 ½ years.
Greece
According to the preliminary state budget execution data, in the period January-November 2020, the state budget primary balance registered a deficit of -€13.808 bn, lower by €1.484 bn compared to the target in the 2021 Budget. On the labour market front, the unemployment rate stood at 16.2% in 2020Q3 (16.4% in 2019Q3).
CESEE
According to a report from Scope Ratings released yesterday, regarding the 2021 outlook of the CESEE region, the agency reinstated its recent view that most countries in the region will not be able to return to pre-pandemic levels sooner than 2021. Nevertheless, enhanced economic resilience over recent years has made CESEE economies better positioned to cope with global crises such as the severe recession of 2020.
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