Daily Overview of Global Markets & the SEE Region (Tuesday, February 23, 2016)

Banking, Company Profiles, Finance, Markets, Person Profiles, Reports, Statistics, Stock Markets — By on February 23, 2016 at 11:02 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: Taking their lead from the negative tone in Asian bourses today, the majority European equity markets opened lower. The Eurozone Composite PMI for the month of February surprised to the downside while oil prices moved lower. In FX markets, increased risk aversion favored the JPY while the GBP remained under pressure amid heightened Brexit worries.

GREECE: Speaking to reporters yesterday, EC spokeswoman Annika Breidthardt confirmed that the technical staff representing Greece’s official creditors will return to Athens this week to resume negotiations with domestic authorities in the context of the 1st programme review. According to provisional Bank of Greece (BoG) data, the balance of travel services recorded a surplus of €12, 169mn in 2015, up 7.5% from a surplus of €11, 317mn in 2014. Travel receipts increased by 6.0%YoY to €14, 195mn while the number of inbound visitors rose by 7.1% reaching an all-time high of 23, 60mn.

SOUTH EASTERN EUROPE

ROMANIA: The finance ministry sold as planned at an auction on Monday RON 800mn (€178.9mn) of 3.25% March 2021 Treasury bonds at an average accepted yield of 2.56%, modestly higher than a yield of 2.53% achieved at a prior auction of the same paper held about a month ago.

SERBIA: Finance minister Dusan Vujovic reportedly suggested yesterday that the government is ready to issue foreign-currency denominated bonds but will do so when the time is right.

CESEE MARKETS: Most emerging stock markets gave back some of their recent gains in European trade on Tuesday, on profit taking, a retreat in global oil prices and China-related jitters. In a similar vein, the majority of CESEE bourses lost ground earlier today, while regional currencies recoiled from recent multi-week highs.

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Daily Overview February 23 2016

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