Daily Overview of Global Markets & the SEE Region (Thursday, July 16, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on July 16, 2015 at 2:46 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: Bucking the negative trend in Wall Street overnight, major Asian bourses closed in the black and key European stock markets moved broadly higher earlier today after the Greek parliament approved measures agreed at the 12 July Euro Summit. In FX markets, the US dollar broadly outperformed its major currency peers thanks to Federal Reserve Chair Janet Yellen’s comments, which reinforced expectations for higher interest rates later in the year.

GREECE: The Hellenic Parliament voted last night in favour of the draft bill incorporating the conditionality required to formally initiate negotiations between Greece and its official creditors for a 3-year ESM loan facility. The bill received 229 votes in favour and 64 votes against, whereas 6 MPs voted present and 1 MP was absent.

SOUTH EASTERN EUROPE

BULGARIA: The rate of registered unemployment fell for the third month running in June, coming in at 9.6% from May’s 10.11% print, recoiling further below an 8-month high of 11.09 hit in January.

SERBIA: The finance ministry sold at an auction on Wednesday €42.1mn, less than €50mn initially planned, in 2-year T-bonds.

CESEE MARKETS: Trailing gains in major Asian and European bourses,  emerging stock markets opened broadly higher on Thursday, after measures agreed at the July 12, 2015 Euro Summit were endorsed in the Hellenic Parliament overnight. Along similar lines,  regional currencies and government bonds broadly firmed in European trade on Thursday.

Daily Overview July 16, 2015

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