Daily Overview of Global Markets & the SEE Region (Friday, December 11, 2015)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on December 11, 2015 at 10:45 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 majority of global equity markets were weaker on Friday dragged down by lower crude oil prices following OPEC’s decision late last week to leave unchanged the oil production level despite persisting oversupply in the market. Amid expectations for subdued inflation pressures on the back of falling oil prices, major European government bonds retained a firm tone while, in FX markets, major currency pairs were little changed ahead of key US data due for release later today and the FOMC policy meeting next week.

GREECE: Local press reports suggested earlier today that the two sides have reached an agreement on the bulk of core issues required for the release of the next ESM loan installment (€1bn). As per the same sources, these include, inter alia: (i) an alternative scheme to a privatization plan for the electricity transmission company ADMIE; and (ii) appointment of an independent Task Force to identify options and prepare recommendations on the operational goals, structure and governance of a new independent Privatization Fund. According to the same sources, the main contentious issue in the current round of official discussions is the finalization of a comprehensive strategy for the resolution of domestic banks’ non-performing loans (NPLs). An agreement on the said issue is reportedly likely to be sealed by tomorrow morning when the EC/ECB/IMF/ESM mission heads have rescheduled their departure from Athens.

SOUTH EASTERN EUROPE

ROMANIA: Consumer inflation edged up to +0.3%MoM/-1.1%YoY in November compared to +0.3%MoM/-1.6%YoY in October and market expectations of +0.3%MoM/-1.2%YoY.

SERBIA: In line with our and market expectations the National Bank of Serbia stayed put on its monetary policy yesterday, maintaining the key policy rate unchanged at the current record low level of 4.5%.

Viewers can read the full report herebelow:

Daily Overview December 11 2015

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