Daily Overview of Global Markets & the SEE Region (Tuesday, December 15, 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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Major Asian bourses traded mixed on Tuesday amid investors’ concerns about volatile crude oil prices, while cautiousness prevails ahead of the two-day FOMC meeting that commences today. In Europe, most equity indices opened higher as buying opportunities emerged following recent hefty losses. In FX markets, the US dollar weakened against its major currency peers on Tuesday awaiting hints on the pace of Fed rate tightening in 2016. While all eyes are on the official statement that will be released soon after the conclusion of the FOMC meeting tomorrow evening, today’s data calendar includes UK November CPI, Eurozone employment data and Germany’s ZEW index. In the US, the December Empire manufacturing index and November CPI are also scheduled for release later today.

GREECE: In view of receiving the next EFSF loan installment (€1bn) in State coffers by the end of the week, the Greek government is expected to complete all required pending actions related to the relevant conditionality by Wednesday, December 16th.  In other news, the Greek government signed on Monday, December 14th the deal regarding the privatisation of 14 regional airports with the Fraport AG – Copelouzos consortium, which under a 40-year lease will undertake the management and operation of the airports.

SOUTH EASTERN EUROPE

BULGARIA: Consumer inflation came in at -0.1%MoM/-0.4%YoY in November compared to +0.2%MoM/-0.6%YoY in October and -0.1%MoM/+0.1%YoY in September.

ROMANIA: The finance ministry sold at an auction on Monday the planned RON 500mn (~€111.10mn) of 2021 T-bonds at an average accepted yield of 2.79%, 16bps higher compared to that achieved at a prior tender of same maturity paper held in November.

CESEE MARKETS: Emerging stock markets moved broadly higher in European trade on Tuesday, trimming part of their recent losses as bargain hunting emerged. Despite receiving some respite from the US dollar’s pullback today, most CESEE currenciesconsolidated near recent lows hit against major currency peers as caution prevailed ahead of the FOMC meeting.  Against this backdrop, government bonds remained under pressure ahead of the conclusion of the FOMC meeting tomorrow. Looking into today’s calendar, Hungary’s monetary policy meeting takes centre stage.

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Daily Overview December 15 2015

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