Daily Overview of Global Markets & the SEE Region (2 December, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on December 2, 2015 at 10:09 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: The US’ ISM purchasing managers’ index for the manufacturing sector surprised negatively. Yet, the above development did little to alter market expectations for a Fed rate hike at the upcoming two-day FOMC meeting scheduled for December 15th -16th in view of solid domestic demand and tentative signs of wage inflation. Reacting to the weaker than anticipated manufacturing ISM report the US dollar moved lower against its major currency peers.

GREECE: The EC/ECB/IMF/ESM mission heads are reportedly expected to return to Athens on December 8th, the day after the upcoming Eurogroup, to assess the progress made by the Greek side in implementing the agreed 13 prior actions attached to the release of the next ESM loan installment (€1bn). A bill incorporating the relevant legislation required for their implementation is reportedly expected to be submitted to Parliament by December 11th. Speaking to his party’s parliamentary group yesterday, Prime Minister and SYRIZA leader Alexis Tsipras dismissed speculation about a possible broadening of the ruling SYRIZA/ANEL coalition.

SOUTH EASTERN EUROPE

BULGARIA: The parliament endorsed yesterday in the first reading the budget of 2016 which is complemented by the medium term fiscal framework of the period 2016-2018 with a majority of 143 MPs in favor and 108 MPs against.

CESEE MARKETS: Emerging stock markets were treading water in early European trade on Wednesday, following downbeat US manufacturing data, while caution prevailed ahead of key data and events later in the week. In a similar vein, the majority of CESEE currencies were under pressure earlier on Wednesday, while regional government bonds were mixed.

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Daily Overview December 2 2015

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