Daily Overview of Global Markets & the SEE Region (Tuesday, February 09, 2016)

Banking, Company Profiles, Finance, Markets, News, Reports, Statistics, Stock Markets — By on February 9, 2016 at 12:49 PM
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: Market risk sentiment deteriorated further on Tuesday, with major Asian equities closing in the red amid a global equity selloff. In Europe, major equity indices declined for the seventh day in a row on lingering global growth concerns, with banking stocks extending yesterday’s losses spurred by concerns about the sector’s profitability and credit quality. In FX markets, the US dollar fell to its lowest level against the yen since November 2014 on Tuesday, as the global risk-off sentiment boosted demand for the safe-haven Japanese currency. The testimony of US Fed Chair Janet Yellen before the House Financial Services Committee on Wednesday will be closely scrutinized by market participants for any hints about Fed’s interest rate-hiking cycle.

GREECE: According to press reports, talks between the Greek authorities and the EC/ECB/IMF/ESM mission heads in the context of the 1stprogramme review are due to resume sometime next week. The Greek PM Alexis Tsipras held a diplomatic visit to Iran escorted by a delegation of around 60 Greek entrepreneurs, who are interested in investing in Iran in sectors such as energy, construction, pharmaceuticals, medical equipment, processed food, software and cosmetics.

SOUTH EASTERN EUROPE

ROMANIA: The finance ministry sold at an auction on Monday a slightly more than planned amount of RON 419.4mn (~€93.8mn) worth of 3-year treasury bonds at an average accepted yield of 3.65%.

CESEE MARKETS: Emerging stock markets broadly extended this week’s losses earlier on Tuesday trailing the global equity selloff. In view of deteriorating risk sentiment,  CESEE currencies broadly weakened extending yesterday’s losses in early European trade and moving further away from recent multi-week highs hit amid increased optimism about further monetary stimulus by the ECB as soon as March. In a similar vein, government bonds also lost ground earlier today.

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Daily Overview February 9 2016

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