Dr. Platon , Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the slightly negative tone in Wall Street overnight, the majority of European equity markets were moderately in the red in early trade on Tuesday on the back of a fresh flare up in tensions between the US and North Korea. With geopolitical worries returning to the forefront, the JPY was among the main outperformers in FX markets shrugging off Japan PM Shinzo Abe’s announcement on Monday that he would dissolve parliament later this week and call national elections next month. The US Treasury will sell $26bn of 2-year notes and Fed Chair Janet Yellen will give a speech at 18:45 CET. On the data front, the US Conference Board survey for September is the main highlight.
GREECE: During an interview in Athens yesterday, Eurogroup President Jeroen Dijsselbloem stated that it is a joint ambition of both the Greek government and the European Commission to have a “clean exit”, but for this to happen until August 2018 “everything must fall in place”, namely the review must be completed, all elements of the programme must be fulfilled and access to the financial markets must be restored. But even then, there will be some kind of post-programme surveillance as in all countries that carried out economic adjustment programmes.
SOUTH EASTERN EUROPE
ROMANIA: The consolidated government budget recorded in cash terms a RON 1.4bn deficit in August, bringing the shortfall at 0.8% of projected GDP in the first eight months of the year.
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