Daily Overview of Global Markets & the SEE Region (Friday, September 18, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on September 18, 2015 at 9:48 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



GLOBAL MARKETS: In its two-day policy meeting which concluded late yesterday, the FOMC decided to leave the target range for the federal funds rate unchanged at 0.0%-0.25%, in line with the expectations of the majority of market participants. The accompanying policy statement was perceived as more dovish than anticipated triggering a rally in US government bonds while major US equity indices ended lower after a choppy session and the USD weakened modestly. Looking ahead, the majority of market participants share the view that, though the likelihood of a Fed rate hike at the next policy meeting on October 27-28 cannot be ruled out entirely, the most likely scenario –as things stand at this point- is the Fed to wait until December, at the earliest, on the view that it probably needs some more time to assess the potential impact of the global economy and financial markets on the US growth and inflation outlook before deciding to embark on a rate tightening cycle.

GREECE: According to the local press, a number of high level Greek banking officials appear optimistic that the amount of €25bn earmarked under the new ESM financial assistance program for the recapitalisation of the domestic banking system will prove adequate.


ROMANIA: Prime Minister Victor Ponta became the first PM in office to be indicted officially with charges by the prosecutors of the National Anticorruption Directorate yesterday.

CESEE MARKETS: Most emerging stock markets moved broadly higher in European trade on Friday after the Fed stood pat on its monetary policy at its meeting yesterday, in line with the market’s median forecast, adopting a more dovish than anticipated tone in the accompanying statement. On the other hand,  CESEE assets were mixed in European trade on Friday, as the post-FOMC relief rally appears to have run out steam, while global growth concerns cited by the Fed overshadowed its decision for stable interest rates.

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Daily Overview September 18 2015

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