Daily Overview of Global Markets & the SEE Region (Wednesday, November 23, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on November 23, 2016 at 10:19 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: Wall Street advanced slightly overnight on better-than-expected US data. Taking their cue from the positive tone in Wall Street overnight, major Asian equity indices edged higher on Wednesday, while major European bourses were firmer in early trade supported by higher oil prices amid increased expectations for an agreement over an oil production cut at the November 30th OPEC meeting. In the sovereign bond market, the 2yr and 10yr Treasury yields consolidated around yesterday’s levels of 1.09% and 2.31%, after rising to a more than six-year high of 1.11% and a multi-month peak of 2.36%, respectively, earlier this week. In FX markets, the DXY dollar index was hovering around 101.15 in early European trade at the time of writing, within distance from its recent 13 ½- year peak of 101.48 on Friday supported by a recent hawkish shift in Fed rate hike expectations.

GREECE: EC Spokesperson for Economic and Financial Affairs Annika Breidthardt stated yesterday that good progress was made between the Greek government and the institutions (EC/ECB/ESM/IMF) during the latest round of negotiations in the context of the 2nd programme review. She added that the departure of the mission heads from Athens was according to schedule and that the target was to achieve a “comprehensive agreement” for the conclusion of the 2nd review “soon”. Moody’s Investors Service revised yesterday its outlook on Greece’s banking system to stable from negative.

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Daily Overview November 23 2016

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