Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: In line with market expectations, the BoE’s MPC kept its monetary policy unchanged at the September meeting that took place yesterday (September 15th). The overall tone of the minutes was similar to the one adopted at the August meeting with the MPC reiterating that the majority of the Committee members are expected to support a further cut in Bank Rate during the course of the year. Awaiting the outcome of the key Fed and BoJ monetary policy meetings next week, major currency pairs continued to consolidate within recent ranges. Today, the leaders of the EU27 meet in Bratislava to discuss on the future of the European Union after Brexit.
GREECE: The representatives of the institutions will reportedly convene today with Greek officials in order to review a number of pending actions in view of the September 29th Euroworking Group with the aim to have the remaining €2.8bn sub-tranche approved for release at the October 10th Eurogroup. The legislation for the ratification of the Hellinikon S.A. concession agreement – one of the pending prior actions for the next sub-tranche – was submitted for consultation to the Hellenic Parliament yesterday and will reportedly be put to vote on the coming Wednesday.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets trimmed part of their recent losses earlier on Friday on scaled back expectations for a Fed rate hike this year. In the FX markets, most regional currencies firmed modestly in European trade today, with the Hungarian forint outperforming its peers ahead of an S&P review over the country’s sovereign credit ratings.
Viewers can read the full report herebelow:
Daily Overview September 16 2016
