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Year: Month: All releases Economy Sectors Companies

Regional Fixed Income Market Watch | April 2017

4 May, 2017

Highlights

  • GDP growth in the USA in 1Q17 came in at annualized 0.7% q/q, well below expectations, while growth in the Eurozone was at 1.7% y/y, in line with estimates. Meanwhile, growth in China, at 6.9% y/y, slightly exceeded analyst estimates.
  • Inflation in the USA came in at 2.4% y/y in March 2017, slightly below expectations, while Eurozone inflation was at 1.2% y/y in April 2017, above consensus forecasts.
  • Central Bank policy rate was lowered in Belarus (from 15.0% to 14.0%), Ukraine (from 14.0% to 13.0%), and Russia (from 9.75% to 9.25%) in April 2017.
  • According to short-term rapid estimates, economic growth in March 2017 came in at 6.8% y/y in Armenia and Kazakhstan and at 5.3% y/y in Georgia. 1Q17 GDP was up 0.3% y/y in Belarus and down 0.9% y/y in Azerbaijan.
  • In March 2017 inflation accelerated in Azerbaijan (to 14.4% y/y), Turkey (to 11.3% y/y), and Ukraine (to 15.1% y/y). Inflation slowed in Belarus (to 6.4% y/y), Russia (to 4.3% y/y), Kazakhstan (to 7.7% y/y), and Georgia (to 5.4% y/y), while prices in Armenia were down 0.1% y/y in March 2017.

 

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 2017

4 Apr, 2017

Highlights

  • Inflation in the USA came in at 2.7% y/y in February 2017, up from 2.5% y/y in the previous month and well above the FED target rate. Following a 2.0% y/y increase in February 2017, inflation in the Euro zone retreated to 1.5% y/y in March 2017.
  • Growth in Turkey and Russia came in at 3.5% y/y and 0.3% y/y, respectively, in 4Q16.
  • According to short-term indicators, relatively strong growth continued in Armenia (+6.0% y/y), Georgia (+4.4% y/y), and Kazakhstan (+3.7% y/y) in February 2017.
  • In Azerbaijan growth retreated to 0.4% y/y, while in Belarus GDP contracted 1.0% y/y in 2M17.
  • In Ukraine growth likely weakened as industrial output turned negative (-4.6% y/y), agricultural output remained in negative territory, and construction production index increased marginally.
  • Compared to the previous month, inflation in February 2017 increased in Ukraine (+14.2% y/y), Azerbaijan (+13.0% y/y), Turkey (+10.1% y/y), and Georgia (+5.5% y/y).
  • Compared to the previous month, inflation in February 2017 was broadly flat in Kazakhstan (+7.8% y/y), while retreating in Russia (+4.6% y/y) and Belarus (+7.0% y/y). Armenia remained in deflationary territory, with prices down 0.2% y/y in February 2017.

 

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 2017

6 Mar, 2017

Highlights

  • Inflation in the USA came in at 2.5% y/y in January 2017, following 2.1% annual inflation in December 2016, above FED’s 2.0% target, thus feeding expectations of FED’s rate increase in March 2017.
  • Inflation in the Euro Zone came in at 2.0% y/y in February 2017, following 1.8% annual inflation in January 2017 and above ECB’s medium-term target of slightly below 2.0%.
  • Based on short-term indicators, growth significantly accelerated in Georgia (+5.2% y/y), turned positive in Armenia (+6.5% y/y), and slowed in Kazakhstan (+3.8% y/y) in January 2017.
  • In January 2017, Azerbaijan also returned to growth territory (+0.8% y/y), while economic activity in Belarus was down 0.5% y/y.
  • Compared to the previous month, inflation in January 2017 retreated in Azerbaijan (+11.9% y/y), Belarus (+9.5% y/y), Kazakhstan (+7.9% y/y), and Russia (+5.0% y/y). Meanwhile, inflation increased in Turkey (+9.2% y/y), Ukraine (+12.6% y/y), and Georgia (+3.8% y/y). Armenia remained in deflationary territory, with prices down 0.6% y/y in January 2017.
  • In February 2017, the monetary policy rate was lowered in Armenia (to 6.0%, down 0.25ppts), Belarus (to 16.0%, down 1.0ppts), and Kazakhstan (to 11.0%, down 1.0ppts).

 

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 | January 2017

8 Feb, 2017

Highlights

  • In 4Q16, GDP growth in the USA came in at 1.9% q/q (annualized), below expectations, while Euro Zone growth was above market expectations at 1.8% y/y (annualized).
  • In January 2017, inflation in the Euro Zone came in at 1.8% y/y, above market expectations.
  • According to short-term indicators, growth accelerated in Kazakhstan (+5.0% y/y), but slowed in Georgia (+0.3% y/y) in December 2016. Following positive growth in November 2016, growth in Armenia returned to negative territory (-0.1% y/y) in December 2016.
  • Negative growth persisted in Azerbaijan (-3.8% y/y) and Belarus (-2.6% y/y) in FY16.
  • Compared to the previous month, inflation retreated in December 2016 in Azerbaijan (+15.5% y/y), Belarus (+10.6% y/y), Kazakhstan (+8.5% y/y), and Russia (+5.4% y/y). Prices were up 8.5% y/y in Turkey and 12.4% y/y in Ukraine. Inflation in Georgia was at 1.8% y/y, while in Armenia it retreated further into negative territory (-1.1% y/y).
  • Monetary policy rate was raised in Georgia (to 6.75%, up 0.25ppts) and lowered in Belarus (to 17.0%, down 1.0ppts).

 

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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