Daily Overview of Global Markets & the SEE Region (Tuesday, December 08, 2015)

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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: The majority of global equity markets were weaker on Tuesday dragged down by lower crude oil prices following the OPEC’s decision last Friday to leave unchanged the oil production level. Amid expectations for subdued inflation pressures on the back of lower oil prices, US Treasuries gained while the US dollar retained a firm tone amid increased expectations for a Fed rate hike at the upcoming meeting next week.

GREECE: At the press conference following yesterday’s Eurogroup, President Jeroen Dijsselbloem called on the Greek authorities to implement by mid-December the legislation required for the implementation of the prior actions attached to the release of the next (pending) ESM loan installment (€1bn).  The Eurogroup President added that the recapitalization of the four systemic banks is almost finalized and the total capitalization needs are estimated at less than €5.5bn, well below the €25bn initially earmarked for bank recapitalization and resolution needs.


ROMANIA: The finance ministry sold at an auction on Monday RON 200mn (€44.6mn) of 10-year bonds at an average accepted yield of 3.70%, which came in slightly above 3.56% achieved at a prior tender of same maturity paper held in November.

CESEE MARKETS: Taking their cue from the negative tone in Wall Street overnight and in Asian as well as European stock markets on Tuesday, the majority ofemerging bourses moved broadly lower in early European trade today. The decline in global equity came primarily on the back of downbeat trade data from China and a renewed drop in global oil prices this week after OPEC decided on Friday’s meeting to hold production around current levels in a development that pressured related shares. Sentiment remained fragile after the ECB’s monetary policy decision last week fell short of market expectations and the upbeat US non-farm payrolls report supported the view that the Fed will render in December its first rate hike since 2006. CESEE currencies and government bonds broadly recoiled in European trade on Tuesday on position squaring in the wake of last week’s ECB meeting.

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Daily Overview December 8 2015

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