Daily Overview of Global Markets & the SEE Region (Wednesday, December 14, 2016)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on December 14, 2016 at 11:28 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: Major Asian equity indices closed in the red on Wednesday while most European bourses opened lower, with investors adopting a cautious tone ahead of the conclusion of the two-day FOMC monetary policy meeting later in the day. The outcome of the FOMC policy meeting will be announced at 19:00 GMT, followed by Fed Chair Janet Yellen’ s news conference. In the rates markets, the 10-yr Treasury yield was hovering around levels of 2.439% at the time of writing in European trade, after surging to a 2-year high of 2.528% on Monday. In FX markets, the EUR/USD was hovering around 1.0630 in early European trade, within distance from the recent 20-month trough of 1.0505 at the beginning of the previous week. On the data calendar front, US retail sales and industrial production for November as well as euro area industrial production for October are due later in the day.

GREECE: As of yesterday, the mission heads have returned to Athens to resume talks in the context of the 2nd programme review. The agenda for today reportedly includes the new Privatisation and Investment Fund and the legal framework for the out-of-court workout for indebted companies. The labour market reform and the medium term fiscal strategy remain unresolved and are expected to be discussed later in the week. The 2nd review is taking place against an unusually tense background, which was caused by a note published by the IMF’s Chief Economist Maurice Obstfeld and European Department Chief Poul Thomsen bringing about reactions by all the parties that are involved in Greece’s bailout programme.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets treaded water earlier on Wednesday ahead of the FOMC decision due later today.

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Daily Overview December 14 2016

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