Daily Overview of Global Markets & the SEE Region (Thurday, April 30, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on April 30, 2015 at 9:34 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: In the statement issued after the conclusion of its monetary policy meeting y-day , the FOMC acknowledged that the US growth slowdown in the early months of the year was in part due to transitory factors. However, the forward-looking parts of the said statement were unchanged, suggesting that the prospect of higher interest rates later this year remains on the cards.  The above along with a poorly received German 5-yr government debt auction triggered a global bond sell-off. Elsewhere, weaker-than-expected US Q1 GDP data weighed on global equity markets while in FX markets the USD remained under pressure in European trade.

GREECE: The cabinet will convene later today to discuss a draft multi-bill prepared by the government, containing the relevant legislation required for the implementation of several reforms incorporated in the detailed list the Greek Minister of Finance submitted to the Institutions late last month. Upon approval, the Greek government is reportedly expected to hand the said multi-bill to the Institutions for deliberation before it submits it to the Hellenic Parliament for approval in an effort to speed up the pace of official discussions. In other news, Moody’s Investors Service downgraded late y-day Greece’s government bond rating to Caa2 from Caa1 with a negative outlook. On the data front, , private sector deposits dropped by €1.9bn in March coming in at ca €138.6bn.  Elsewhere, the Economic Sentiment Indicator deteriorated in April for the second consecutive month standing at 92.7, the lowest level since December 2013.

SOUTH EASTERN EUROPE

ROMANIA: General Director of the Treasury and Public Debt Department in the Ministry of Public Finance Stefan Nanu said on Wednesday that a planned Eurobond issue will have a maturity longer than 10 years, adding that the placement’s timing will depend on favourable market conditions.

CESEE MARKETS: Emerging market assets closed broadly lower on Wednesday, as investor caution prevailed ahead of the conclusion of the 2-day FOMC meeting. That said, losses were somewhat trimmed after downbeat US macro data.

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Daily Overview April 30, 2015

 

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