Daily Overview of Global Markets & the SEE Region (Monday, January 25, 2016)

Associations, Banking, Company Profiles, Finance, Markets, Person Profiles, Statistics, Stock Markets — By on January 25, 2016 at 11:08 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 kicked off the week on a firmer footing mainly supported by higher oil prices as severe winter weather in the US boosted demand for heating oil. The upcoming two-day FOMC policy meeting, which concludes on Thursday, January 27th takes centre stage this week.

GREECE: S&P raised Greece’s sovereign credit rating by one notch to B- from CCC+ previously with a stable outlook. According to the official statement, the rationale behind its decision was that the Greek government is broadly complying with the terms of the financial support programme and S&P expects a compromise on the planned overhaul of the pension system to be reached between domestic authorities and official creditors by the end of March. Meanwhile, the heads of the institutions’ mission are reportedly expected to arrive in Athens by the end of this week to commence discussions with Greek authorities in the context of the 1st programme review with an intention to have it concluded by the end of February.

SOUTH EASTERN EUROPE

BULGARIA: Local equities failed to track the late-week recovery in global markets with the main SOFIX index ending 1.3% lower on a weekly basis at 444.46 points on Friday. Meanwhile, BGN-denominated sovereign bonds closed little changed last week ahead today’s T-bond auction.

ROMANIA: Domestic financial markets kicked off last week on the back foot amid concerns about a potential spillover from Poland’s credit rating downgrade by S&P a few days earlier.

SERBIA: The EUR/RSD hovered within a range of 122.50-123.00 last week as two Central Bank interventions in the FX markets for an amount of EUR 50mn somewhat offset depreciation pressures on the dinar instigated by news over imminent early general elections.

Viewers can read the full report herebelow:

Daily Overview January 25 2016

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