Daily Overview of Global Markets & the SEE Region (Thursday, February 11, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on February 11, 2016 at 11:33 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 JPY extended its recent gains across the board on Thursday and major government bonds retained a firm tone supported by increased risk aversion.  Fed Chair Janet Yellen testifies before the Senate later in the day while, on the data front, key data releases are limited to US jobless claims.

GREECE: In a speech delivered at a cabinet meeting yesterday, Greece’s Prime Minister Alexis Tripras stressed that the government meets in full the conditionality underlying the new adjustment programme with priority given on the protection of the most vulnerable groups in society. Speaking before the Hellenic Parliament’s Economic Affairs Committee on the same day, Bank of Greece (BoG) Governor Yannis Stournaras stressed that the 1st programme review must be completed as soon as possible as this would strengthen market confidence towards the Greek economy and would encourage a gradual return of bank deposits. The Eurogroup convenes later today and the state of play in implementing Greece’s economic adjustment programme is scheduled to feature high on the official agenda.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging stock markets resumed on Thursday this week’s downtrend after a short-lived timid respite in the prior session. The global risk-off sentiment also hit CESEE currencies which came under pressure earlier today. In the local rates markets, government bonds were mostly firmer outperforming Eurozone periphery paper. Today’s focus in the CESEE region is on Serbia’s MPC meeting. Additionally, Romania’s RON500mn 2022 debt auction also lures market attention.

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Daily Overview February 11 2016

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