Daily Overview of Global markets & the SEE Region (Friday, March 20, 2015)

News — By on March 20, 2015 at 10:38 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: Major Asian bourses were little changed on Friday consolidating most of y-day’s gains recorded following the more dovish-than-expected tone of the FOMC policy statement released late on Wednesday. In FX markets, the USD moved higher.

GREECE: Y-day’s near four-hour long meeting on the sidelines of the EU Summit between Greece’s Premier and eight top EU officials  ended on a positive tone. According to a common statement issued after the conclusion of the meeting, they all confirmed their commitment to the February 20th Eurogroup agreement and the Greek side pledged to present a detailed list of reform measures in the next few days while having the ownership of them.

CYPRUS: In a unanimous vote on Thursday Parliament reportedly postponed until April 2 the implementation of a law on foreclosures, which is part of the conditions laid out in the country’s EU/IMF €10bn bailout programme and a prior action for any further disbursement of official financial aid to Cyprus.

SOUTH EASTERN EUROPE

BULGARIA: The government sold on Thursday € 3.1bn in a triple-tranche Eurobond auction of EUR-denominated paper, allotting €1.25bn in 7-year bonds at an average accepted yield of 2.179%, €1bn in 12-year bonds at 2.732% and €850mn in 20-year securities at 3.264%.

ROMANIA: According to media reports quoting head of Treasury of the Ministry of Finance Stefan Nanu, the government is planning to raise at least €2bn in Eurobonds from international investors this year, being ready to tap markets when a “very strong opportunity” arises. In other news, the government sold, as planned, RON 300mn of April 2020 T-Notes, at an auction on Thursdaythat drew heavy demand.

SERBIA: The Public Debt Administration sold RSD 7.94bn, of the initially planned RSD10bn, in 2-Year T-Notes at an auction on Thursday at an average accepted yield of 9.09%.

CESEE MARKETS: The majority of emerging stock markets reversed course in European trade on Friday, snapping a 4-session rising streak on profit taking. CESEE currencies hovered near recent highs achieved after the FOMC meeting somewhat soothed concerns about a sooner than previously anticipated initiation of its rate tightening cycle expected later this year.

Daily Overview March 20, 2015

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