Daily Overview of Global Markets & the SEE Region (Monday, February 22, 2016)

Banking, Markets, Reports, Statistics, Stock Markets — By on February 22, 2016 at 10:42 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 GBP moved sharply lower across the board on Monday amid heightened Brexit woes after London Mayor Boris Johnson announced that he will campaign for a British exit from the EU in the upcoming referendum, expected to be held on June 23rd. Focus this week is on the two-day G20 meeting of Finance Ministers and Central Bank Governors that starts on Friday.

GREECE: Technical teams representing official creditors are reportedly expected to arrive in Athens early this week to resume discussions with Greek authorities in the context of the 1st programme review. For the whole year 2015 the balance of payments recorded a deficit of €0.01bn, down by €3.8bn compared to 2014. This development is due mainly to the improved balance of goods and services which recorded a deficit of €0.24bn compared to a deficit of €4bn in 2014.

SOUTH EASTERN EUROPE

BULGARIA: The domestic stock market ended little changed last week lagging the recovery in global emerging market peers. Meanwhile, yields of mid and long-term local currency denominated sovereign bonds rose between 20-40bps. There was also some pressure on the Eurobonds following the announcement for a new issue.

SERBIA: The euro gained some ground against the dinar last week, reaching the 3-week high of 123.10/30 on Friday on the back of strong corporate demand.

CESEE MARKETS: Emerging stock markets extended last week’s rally, with gains led by energy-related shares on the back of today’s rebound in global oil prices. News about the replacement of the head of China’s securities regulator also favoured. Meanwhile, most CESEE currencies kicked off the week on a positive footing while government bonds were mixed earlier today. Looking into this week’s calendar, Serbia’s HICP for January as well as Central Bank meetings in Turkey and Hungary take centre stage in the region.

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Daily Overview February 22 2016 (1)

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