Dr. Platon Monokroussos
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The US ADP employment report for September surprised positively revealing a 200k increase in private payrolls, the biggest rise in three months, boding well for the non-farm payrolls survey due for release on Friday. Against this background, US Treasuries weakened on Thursday while the USD moved higher against most of its major peers.
GREECE: The Euro Working Group will reportedly hold a teleconference on Friday to decide on the prior actions required to be fulfilled by the Greek side for the release of the outstanding €3bn sub-tranche of the first loan disbursement under the 3-year ESM loan facility. In other news, Greece ranked 81st out of 140 countries in the World Economic Forum Global Competitiveness Report 2015-2016 that was released on Wednesday.
SOUTH EASTERN EUROPE
BULGARIA: Bulgaria ranked in the 54th position out of 140 in the latest World Economic Forum Global Competitiveness report released on Wednesday.
ROMANIA: At its monetary policy meeting yesterday, the National Bank of Romania stayed put on its monetary policy, in line with our and market expectations. In more detail, the key policy rate remained at the current record low of 1.7%, while the minimum reserve requirements for RON and FX denominated liabilities were left unchanged at 8% and 14% respectively.
CESEE MARKETS: Industrial output rose by 12.9%YoY in August, nearly in line with the prior month’s 13.0%YoY increase confirming ongoing improvement in the sector. On the other hand, retail sales growth slowed down to 1.0%YoY in August after a 3.4%YoY advance in July reflecting lackluster consumption due to fiscal restraint.
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