Daily Overview of Global Markets & the SEE Region (Thursday, February 04, 2016)

Banking, Company Profiles, Finance, Markets, Person Profiles, Reports, Statistics, Stock Markets — By on February 4, 2016 at 11:34 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: Weaker-than-expected US ISM-non manufacturing activity data and dovish comments by Fed N.Y President William Dudley triggered a dovish shift in Fed rate hike expectations. Futures markets have priced out almost any chance of a Fed rate hike in March and currently imply a federal funds rate of 0.515% by December 2016. Against this background, US Treasuries firmed while the USD moved lower across the board.

GREECE: Discussions between the mission heads and Minister of Labour, Social Insurance and Social Solidarity Georgios Katrougalos will resume today after yesterday’s scheduled meeting was reportedly cancelled. As per the same sources, the meeting has been scheduled for 2:00pm Athens time. Meanwhile, the country’s two largest unions representing employees in the public and private sectors (ADEDY & GSEE) have called a nationwide one-day strike today protesting against the government’s planned overhaul in the tax and social security pension system. According to the local press, the mission heads will depart from Athens on Friday and, provided that things go as planned, they are reportedly expected to return by mid-February. In the meantime, discussions on all open issues of the review will continue between the Greek authorities and the Athens-based technical teams representing official creditors.

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Daily Overview February 4 2016

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