Daily Overview of Global Markets & the SEE Region (Wedneday, July 15, 2015)

Banking, European Union, Finance, News, Organisations, Politics and Government, Statistics, Stock Markets — By on July 15, 2015 at 6:21 PM
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: Trailing gains in Wall Street overnight, Japan’s Topix index closed in the black for a fourth day in a row on Wednesday, following the BoJ’s decision to stand pat on its monetary policy. Elsewhere in Asia, China’s bourses fell for the second consecutive day largely shrugging off better-than-expected GDP data. In Europe, major equity indices traded mixed earlier on Wednesday, ahead of a key vote in the Hellenic Parliament on a first set of measures agreed by Prime Minister Alexis Tsipras and European officials at the July 12 Euro Summit. In FX markets, the sterling was the major outperformer after Bank of England Governor Carney’s comments in a Parliamentary Committee signaling that the date of the first interest rate hike since the onset of the financial crisis is moving closer.

GREECE: The Greek government submitted yesterday to Parliament a bill incorporating in two legislative articles the first set of prior actions and all the commitments Greece agreed to undertake in accordance with the 12 July Euro Summit agreement. The vote is scheduled to take place late tonight.

CYPRUS: The 8th review of Cyprus’s Economic Adjustment Programme began on July 14th. The review’s focus is on the issue of an effective implementation of the new personal and corporate insolvency framework, as well as on the facilitation of sales of bank loans by the domestic credit institutions and addressing the issue of untitled property sales by developers.

SOUTH EASTERN EUROPE

BULGARIA: As was broadly anticipated, senior IMF economist Dimitar Radev, backed by ruling GERB party and junior coalition partner the Reformist Bloc, was elected in an extraordinary parliamentary session yesterday as the new Central Bank governor.

ROMANIA: The current account deficit narrowed by ca 26%YoY in January-May coming in at €312mn.

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Daily Overview July 15, 2015

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