Daily Overview of Global Markets & the SEE Region (Tuesday, September 29, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on September 29, 2015 at 9:31 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: Wall Street lost ground overnight as the sharp decline in Chinese industrial profits heightened concerns about a global economic slowdown, shrugging off stronger-than-expected US consumption growth in August and upward revisions in July’s growth. Meanwhile, Fed William Dudley and John Williams both expressed their support for an interest rate hike this year, raising investors’ concerns that the Fed will soon embark on its first tightening cycle in almost a decade at a time of increased concerns about the prospects of the global economy. Mirroring the negative tone in Wall Street overnight, Asian bourses edged down significantly on Tuesday while European equity indices opened in the red as well. In FX markets, the yen strengthened broadly as the global equity sell-off increased demand for the safe-haven Japanese currency. On the macro front, euro-area economic sentiment indicator as well as US conference Board consumer confidence for September will lure market attention today.

GREECE: In an interview to an international newspaper, Greece’s Minister of Finance Euclid Tsakalotos was quoted saying that Greece could return to positive economic growth by the second half of 2016 provided that the 1st programme review is successfully completed by late November, paving the way for the initiation of official talks on debt relief measures before Christmas. In other news, local press reports suggested today that the Euro Working Group will hold a teleconference later this week to specify the prior actions that need to be fulfilled by the Greek side for the release of the outstanding €3bn sub-tranche of the first loan disbursement.

SOUTH EASTERN EUROPE

CYPRUS: The Bank of Cyprus announced the completion of the sale of its 80% stake in its Russian subsidiary, Uniastrum Bank, and its leasing company Uniastrum Leasing LLC, as part of its deleveraging and de-risking strategy.

CESEE MARKETS: Emerging stock markets extended this week’s losses in European trade on Tuesday amid renewed China-related jitters and caution ahead of key data releases and events over the next few days. Meanwhile, CESEE currencies were mixed earlier today and government bonds were broadly weaker in view of heightened risk aversion.

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Daily Overview September 29 2015

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