Daily Overview of Global Markets & the SEE Region (Friday, February 12, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on February 12, 2016 at 11:39 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: Risk off sentiment prevailed in global equity markets on Friday amid persisting concerns about the health of the European banks. Lower oil prices and lingering worries over the growth prospects of China, also continued to weigh. Against this background, the JPY retained a firm tone favored by its safe-haven appeal.

GREECE: Speaking at the press conference that followed the conclusion of the February 11th Eurogroup, President Mr Dijsselbloem acknowledged that “good progress” has been made in official discussions between Greece and its officials creditors in the context of the 1st  programme review. Yet, he noted that more work is needed for reaching a staff level agreement on the required conditionality, mostly on the social security pension reform, fiscal issues and the operation of the new privatization fund. On the data front, according to national account statistics for the fourth quarter of 2016 (flash estimate), Greece’s real GDP, in seasonally and calendar adjusted terms, decreased by 0.6%QoQ compared to -1.4%QoQ in Q3.

SOUTH EASTERN EUROPE

BULGARIA: The economy picked up pace in the last quarter of the year, growing at the strongest rate since Q2-2011. According to the flash estimate, real GDP accelerated by +0.8% QoQ/+3.1% YoY in Q4-2015 up from +0.7% QoQ/+2.9% YoY in Q3-2015 vs. +0.6% QoQ/+1.8% YoY in Q4-2014.

ROMANIA: According to the flash estimate release, real GDP on seasonally adjusted terms expanded by +1.1% QoQ/+3.8% YoY in Q4-2015, up from +1.5% QoQ/+3.7% YoY in Q3-2015 and +0.9% QoQ/+2.8% YoY in Q4-2014.

SERBIA: The National Bank of Serbia (NBS) slashed its key policy rate by 0.25ppts, to 4.25% at its MPC meeting on Thursday taking investors aback.

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Daily Overview February 12 2016

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