Daily Overview of Global Markets & the SEE Region (4 February 2015)

Associations, Company Profiles, Markets, News, Person Profiles, Press and Media, Reports, Stock Markets — By on February 4, 2015 at 11:49 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:  Asian stock markets broadly firmed on Wednesday on the back of the recent recovery in oil prices which provided support to energy shares. In FX markets, the USD dollar remained under pressure in European trade on Wednesday and the euro retained a firm tone.

GREECE: Greece’s Minister of Finance Yanis Varoufakis is scheduled to meet today ECB President Mario Draghi before he meets his German counterpart Wolfgang Schaeuble in Berlin on Thursday. In other news, Eurozone finance ministers are reportedly likely to hold an emergency meeting on February 11th, a day ahead of the next EU Summit, to discuss Mr. Varoufakis’s recent proposal for swapping European rescue bonds with growth-linked bonds and replacing ECB-owned bonds with perpetual bonds.

SOUTH EASTERN EUROPE

SERBIA: The Public Debt Administration sold on Tuesday RSD 39bn (€320mn) in local currency 7Y T-Bonds, less than RSD 50bn initially planned.

ROMANIA: The National Bank of Romania holds today its MPC meeting, where it is broadly anticipated to announce a 25bps cut which, if delivered, will push the key policy rate to a new record low of 2.25%.

BULGARIA: According to Eurostat data, industrial producer prices in Bulgaria declined by 0.9%YoY in December against an EU average of -3.1%.

CESEE MARKETS: The majority of emerging stock markets rose on Wednesday with energy shares leading the way higher. Meanwhile,  CEE currencies modestly weakened earlier, ahead of Central Bank MPC meetings in Poland and Romania, expected to conclude later on the day.

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