GLOBAL & REGIONAL DAILY (Friday 15 September 2023)

HIGHLIGHTS

September 15 2023                                                                                                                                                                                 

Global Markets

The ECB decided to raise its key policy rates by another 25bps yesterday, as inflation is still expected to remain “too high for too long”, but critically signaled that the tightening cycle has likely come to an end. In reaction, EGBs rallied before giving part of their post-ECB gains earlier today, risk-on sentiment improved, while the EUR weakened broadly.

Greece                                                                                                                                                                  

The total index of apartment prices rose on an annual basis for the 22nd quarter in a row in Q2 2023; the unemployment rate (non-seasonally adjusted) receded to 11.2% in Q2 2023, from 12.4% in Q2 2022, and employment growth accelerated to 1.7% YoY, from 1.3% YoY.

CESEE

The week concludes today with the detailed CPI prints in Poland and Croatia, following the recent spree of August’s inflation readings in the region; yesterday, in Romania treasury bills of 623mn lei (EUR125.4mn) worth and maturing on March 27, 2024 were sold with the issued amount surpassing at large the 300mn lei target.

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