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Year: Month: All releases Economy Sectors Companies
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Regional Fixed Income Market Watch | May 2018

15 June, 2018

Highlights

  • Real GDP growth in the US was revised down to an annualized 2.2% y/y (2nd estimate) in 1Q18 from an annualized 2.3% y/y (advance estimate). Turkish economy grew by 7.4% y/y in 1Q18.
  • Based on rapid estimates, in April 2018 economic growth came in at 7.3% y/y in Armenia, 6.5% y/y in Georgia, 4.4% y/y in Kazakhstan and 1.7% y/y in Russia. In 4M18, GDP was up 4.8% y/y in Belarus and 1.2% y/y in Azerbaijan.
  • In May 2018, annual inflation in the US was 2.8% up from 2.5% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 1.9% in May 2018 up from 1.2% in April 2018.
  • In May 2018, annual inflation was below to the target level in Georgia (2.5%), Russia (2.4%), Armenia (1.6%) and Belarus (4.4%); inflation was below expectation in Azerbaijan (2.0%); Inflation was within the target in Kazakhstan (6.2%), and above the target in Turkey (12.2%) and Ukraine (11.7%).
  • The Federal Reserve (central bank of the US) raised the target range for the federal funds rate for the 2nd time this year by 25 basis points to 1.75%-2.0%, in June 2018.
  • Monetary policy rate was raised to 17.75% (from 8.0%) in Turkey and cut to 9.0% (from 9.25%) in Kazakhstan as of 14 June 2018. The policy rate has remained unchanged in other countries as of mentioned date.

 

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.


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Regional Fixed Income Market Watch | April 2018

11 May, 2018

Highlights

  • Real GDP growth in the US was up to an annualized 2.3% y/y in 1Q18 (advance estimate) compared to an annualized 1.2% y/y in 1Q17. GDP growth in EU19 came in at 2.5% y/y in 1Q18 versus 2.1% y/y in 1Q17. China’s economy grew by 6.8% y/y in 1Q18.
  • Based on rapid estimates, in March 2018 economic growth came in at 10.9% y/y in Armenia, 5.6% y/y in Georgia and 5.5% y/y in Kazakhstan. In 1Q18, GDP was up 5.1% y/y in Belarus and 2.3% y/y in Azerbaijan.
  • In April 2018, annual inflation in the US was up 2.5% from 2.4% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was down to 1.2% in April 2018 from 1.3% in March 2018.
  • In April 2018, annual inflation was below to the target level in Georgia (2.5%), Russia (2.4%) and Armenia (2.4%); Inflation was close to the target in Kazakhstan (6.5%), and above the target in Turkey (10.9%) and Ukraine (13.1%). In March 2018, annual inflation retreated to 2.6% in Azerbaijan, and increased to 5.4% in Belarus.
  • Monetary policy rate was cut to 11.0% (from 13.0%) in Azerbaijan and to 9.25% (from 9.5%) in Kazakhstan in April 2018. The policy rate has remained unchanged in other countries.

 

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.


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Regional Fixed Income Market Watch | March 2018

13 Apr, 2018

Highlights

  • 4Q17 US GDP growth was revised up to an annualized 2.9% y/y (3rd estimate) from an annualized 2.5% y/y (2nd estimate). The growth was driven by personal consumption expenditures, fixed investments, exports and government spending. 
  • Based on rapid estimates, in February 2018 economic growth came in at 7.3% y/y in Armenia, 5.6% y/y in Kazakhstan, 5.5% y/y in Georgia and 1.5% y/y in Russia. In 2M18, GDP was up 5.6% y/y in Belarus and 1.3% y/y in Azerbaijan. Economic growth in Turkey came in at 7.3% y/y in 4Q17. 
  • In February 2018, annual inflation in the US was up 2.2% from 2.1% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was up to 1.4% in March 2018 from 1.1% in February 2018.
  • In March 2018, annual inflation was close to the target level in Georgia (2.8%), Kazakhstan (6.6%), Armenia (3.7%); Inflation was below the target in Russia (2.4%) and above the target in Turkey (10.2%) and Ukraine (13.2%). In February 2018, annual inflation retreated to 3.9% in Azerbaijan and 4.9% in Belarus.
  • Russian central bank cut monetary policy rate to 7.25% from 7.5% in March 2018. The policy rate has remained unchanged in other countries.
  • Fitch affirmed Georgia’s sovereign credit rating at BB- and revised the Outlook to positive from stable, Moody’s upgraded Belarus credit rating to B3 from Caa1 and Moody’s revised Armenia’s Outlook to positive from stable in March 2018.

 

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.


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Regional Fixed Income Market Watch | February 2018

13 Mar, 2018

Highlights

  • US GDP growth in 4Q17 was revised down to an annualized 2.5% y/y (2nd estimate) from an annualized 2.6% y/y (advance estimate). GDP growth in EU19 was 2.7% y/y in both 3Q17 and 4Q17.
  • Based on rapid estimates, in January 2018 economic growth was 10.2% y/y in Armenia, 4.7% y/y in Kazakhstan, 4.6% y/y in Belarus, 4.4% y/y in Georgia, 2.5% y/y in Russia, and 2.0% y/y in Azerbaijan. Economic growth in Ukraine came in at 1.8% y/y in 4Q17.  
  • Annual inflation in the US was 2.1% in January 2018 unchanged from December 2017. Based on the Eurostat flash estimate, annual inflation in EU19 was down to 1.2% in February 2018 from 1.3% in January 2018.
  • In February 2018, annual inflation decreased in Georgia (2.7%), Kazakhstan (6.5%), Turkey (10.3%) and Ukraine (14.0%) and increased in Armenia (3.3%). In Russia inflation remained unchanged at 2.2% in February 2018. January 2018 figures indicate a decrease in annual inflation to 4.5% in Belarus and 5.5% in Azerbaijan.
  • As of 12 March 2018, monetary policy rate is 13.0% (down from 15.0%) in Azerbaijan, 10.5% (down from 11.0%) in Belarus, 7.5% (down from 7.75%) in Russia and 9.5% (down from 9.75%) in Kazakhstan. Meanwhile, the policy rate was raised to 17.0% from 16.0% in Ukraine. The policy rate has remained unchanged in other countries.
  • S&P raised both foreign and local sovereign credit ratings for Russia to BBB- from BB+ and to BBB from BBB-, respectively and the outlook was revised to stable from positive. Moody’s downgraded credit rating of Turkey to Ba2 from Ba1 and changed the outlook to stable.

 

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.


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