Daily Overview of Global markets & the SEE Region (Wednesday, January 14, 2015)

Banking, Company Profiles, Finance, Markets, News, Press and Media, Reports, Shipfinance, Stock Markets — By on January 14, 2015 at 11:10 AM
Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS:  Retreating global equity markets and lower US front-end yields continued to exert a negative impact on the USD with the USD/JPY marking a fresh one-month low earlier today.  Elsewhere, the EUR remained under pressure across the board mainly due to heightened expectations that the ECB will embark a sovereign-bond buying programme in the coming weeks/months.

GREECE: The Harmonized Index of Consumer Prices (HICP) dropped in December for the 22th consecutive month, remaining steadily below the euro area average since July 2011. Separately, in a statement issued y-day,  Moody’s said that the recent political turmoil in Greece and early general elections have increased the risk of a Greek exit from the euro area. Yet, the ratings agency added that the likelihood of such a scenario is still lower than during the peak of the crisis in 2012 and remains relatively unlikely.

SOUTH EASTERN EUROPE

SERBIA: The EUR/RSD remained bound in a tight range of 122.65/85-122.80/00 on Tuesday, as caution prevailed ahead of the upcoming MPC meeting later in the week.

ROMANIA: According to final data, real GDP growth came in at 3.3%YoY in Q3 2014, revised slightly upwards from a previous 3.2%YoY estimate.

BULGARIA: The Ministry of Finance placed BGN 50mn at an auction on Monday, at an average accepted yield of 3.07% and a bid/cover ratio of 3.62.

CESEE MARKETS: Emerging stock markets fell in European trade today, tracking losses in major global bourses as falling oil prices continued to exert a negative impact on energy shares. Elsewhere, the majority of CESEE currencies recoiled in the wake of weak inflation data and ahead the Polish MPC meeting later today.

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Dailyoverview January 14, 2015

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