Daily Overview of Global Markets & the SEE Region (Wednesday, September 9, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on September 9, 2015 at 9:10 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 bourses rallied on Wednesday following a late recovery in the Chinese equity markets while the majority of European equity markets firmed in early trade on market optimism that the Chinese authorities are ready to adopt further measures, if needed, to boost the domestic economy. The improved tone in global equity markets dented the safe-haven appeal of the JPY with the USD/JPY rising near a week high in European trade, while higher US Treasury yields also helped. With investors eagerly awaiting next week’s FOMC monetary policy meeting, focus today is on US July’s job openings data which are expected to suggest a gradual ongoing improvement of the domestic labor market.

GREECE: The pre-election debate with the leaders of all political parties with parliamentary representation, aside from far-right Golden Dawn, will take place today at 21:00 local time. In other news, Bank of Greece Governor Yannis Stournaras and interim Minister of Finance George Chouliarakis reportedly held a meeting yesterday to discuss, among others, the bank recapitalization plan. As per the same sources, the two officials ruled out any mergers between the four systemic banks and expressed their willingness domestic banks to remain under private management.

SOUTH EASTERN EUROPE

BULGARIA: In other news, after a three month absence in the bond markets, the finance ministry sold at an auction on TuesdayBGN 150mn (~€76.7mn) of January 2018 T-Notes at an average accepted yield of 0.49%, a tad below 0.68% achieved at the prior auction of the same paper held in May.

ROMANIA: The turnover in industry, per total (domestic and non‐domestic market), increased by 2.2%MoM in July in nominal terms, pushing the YoY reading to 6.4%.

CESEE MARKETS: Emerging stock markets moved broadly higher earlier on Wednesday on optimism that Chinese authorities will render further stimulus measures in order to support the slowing economy. An unexpected upward revision in Eurozone’s Q2 GDP data announced yesterday also continued to favour investor sentiment. In the FX markets,  CESEE currenciesbroadly firmed in European trade on Wednesday on the back of improved risk appetite.

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Daily Overview September 9 2015

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