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Home Banking GLOBAL & REGIONAL DAILY (Monday 15 May 2023)

GLOBAL & REGIONAL DAILY (Monday 15 May 2023)

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HIGHLIGHTS

May 15 2023

Global Markets

Fixed income markets came under pressure on both sides of the Atlantic on the back of heightened US inflation concerns after University of Michigan long-term inflation expectations rose to their highest level since 2011. In FX markets, the USD broadly strengthened, favoured by its safe-heaven appeal.

Greece

Given the relatively high carry over effect from 2022 (+1.5 percentage points) and the Q1 2023 readings for most of the high frequency indicators published so far (PMI manufacturing, Economic Sentiment Indicator, Manufacturing Production, trade balance), an upward revision for the real GDP growth rate in 2023 is expected in today’s EC’s Spring Economic Forecasts.

CESEE

Focus today turns to Turkey following yesterday’s presidential elections. Given the preliminary results the lead on votes by Tayyip Erdoğan does not seem enough to avoid a second round on May 28 between his party and that of Kemal Kılıçdaroğlu.

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