Daily Overview of Global Markets & the SEE Region (Friday, September 25, 2015)

Banking, Company Profiles, Finance, HR, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on September 25, 2015 at 10:20 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 a speech at the University of Massachusetts at Amherst, FOMC Chair Janet Yellen said most of the Committee members, including herself, expect an increase of the fed funds rate later this year. In response, major Asian bourses closed in the black on Friday, while European bourses opened higher and the US dollar firmed. Focus today is on Fed’s James Bullard speech on monetary policy in St. Louis and Fed’s Esther George speech on the US economy in Nebraska, while ECB policy maker Jens Weidmann is due to hold a press conference in Florence. On the US data front, the final estimates of Q2 GDP and University of Michigan Consumer Sentiment for September take centre stage.

GREECE: According to the local press, the Euro Working Group convened yesterday and discussed, among others, a list of milestones required to be fulfilled by the Greek side for the release of the outstanding €3bn sub-tranche of the first loan disbursement.

SOUTH EASTERN EUROPE

BULGARIA: Gross external debt totaled €35.9bn at end-July 2015, equivalent to 83.7% of projected GDP, marking a €3.4bn decrease (-8.7%YoY) compared to the end of last year when gross external debt stood at €39.4bn, or 93.7% of GDP.

ROMANIA: The MoF sold at an auction on Thursday the planned RON 500m (~€113.3mn) worth of 4-year T-Bonds with the average accepted yield at 2.23%, below 2.42% achieved at a prior tender of similar maturity paper held in August. Speaking on the sidelines of the Eastern Europe Investment Summit on Thursday, deputy Treasury director Diana Popescu said that the government plans to sell a benchmark Eurobond worth ca €1-1.5bn before the end of the year, currently “monitoring market conditions so as to choose the right moment to issue”.

CESEE MARKETS: Trailing gains in major Asian and European bourses earlier today, emerging stock markets broadly firmed n European trade on Friday. Similarly,  CESEE currencies broadly firmed, while government bonds were flat to weaker.

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Daily Overview September 25 2015

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