Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The accounts of the 21 April 2016 ECB Governing Council Meeting, which were released yesterday, were largely shrugged off. Global equity indices traded firmer on Friday capitalizing on higher oil prices, with the Japanese Nikkei 225 index rising for a second consecutive week on expectations that an interest rate hike in June would result in a weaker yen. In FX markets, the DXY dollar index was hovering around 95.300 at the time of writing, within distance from a seven-week high of 95.502 hit intraday yesterday. On the data front, US existing home sales for April take centre stage.
GREECE: Deliberations continue in the Greek Parliament on the omnibus bill that contains the legislation for the implementation of the remaining prior actions for the successful conclusion of the 1st programme review. The vote will take place on Sunday evening and all governing coalition MPs are expected to vote in favour of the bill.
SOUTH EASTERN EUROPE
ROMANIA: The finance ministry sold on Thursday €1bn of a 12-year Eurobond in international markets, as the government seeks to boost its coffers in view of increased spending ahead of elections later in the year. The issue was priced at 225bps above mid-swaps, 10bps below an initial price target. Additionally, the Ministry of Finance sold at a separate auction on Thursday the planned RON 300m amount of December 2020 T-bonds at an average accepted yield of 3.20%.
SERBIA: President of the Republic of Serbia Tomislav Nikolic began yesterday discussions with the leaders of parliamentary parties for the creation of a new government following the April 24 general snap elections.
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