Daily Overview of Global Markets & the SEE Region (Wednesday, November 25, 2015)

Banking, Finance, Markets, News, Reports — By on November 25, 2015 at 1:00 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



GLOBAL MARKETS: Oil supply worries pushed crude prices higher with the US crude trading in European trade close to a two-week high. Higher oil prices, weaker-than-expected US CB consumer data for November and worries over the financial impact from yesterday’s downing of a Russian war plane by Turkish forces weighed on the USD, particularly against commodity currencies. On the data front, the US calendar is heavy today ahead of the Thanksgiving holiday on Thursday with market attention being focused on the October personal income and spending data,   and, especially, the core PCE deflator.

GREECE: According to recent press reports, the second list of prior actions attached to the release of the next ESM loan installment amounting to €1bn incorporates 10 items including, inter alia, a comprehensive strategy for the resolution of domestic banks’ non-performing loans (NPLs), privatization of ADMIE or an alternative equivalent plan and a fiscally-neutral reform of the unified wage. In other news, in a statement released yesterday, government spokesman Olga Gerovassili said that “according to the latest data, two systemic banks managed to cover all their capital needs from private investors” and that “the other two will need about €5.7bn from the Hellenic Financial Stability Fund to conclude the process”.


CESEE MARKETS: Emerging stock markets treaded water in early European trade on Wednesday. In FX markets,  CESEE currencies remained under pressure as global risk sentiment remained fragile. In the local rates markets,  government bonds broadly firmed with Turkish paper outperforming following yesterday’s selloff.

Viewers can read the full report herebelow:

Daily Overview November 25 2015

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