Daily Overview of Global Markets & the SEE Region (Wednesday, January 11, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Shipfinance, Statistics, Stock Markets — By on January 11, 2017 at 10:09 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 currency pairs held within recent narrow ranges in early European trade on Wednesday on the back of market uncertainty ahead of US President-elect Donald Trump’s news conference at 4pm GMT for clues over his policy on taxes, international trade, immigration and infrastructure during his administration. Meanwhile, oil prices remained under pressure on Wednesday amid market uncertainty over whether the recent agreement among OPEC and non-OPEC member countries of a production cut could be effectively implemented amid different interests.

GREECE: In his meetings with the French FinMin Michel Sapin and the Commissioner for Economic Affairs Pierre Moscovici, the Greek FinMin Euclid Tskalotos will reportedly seek to gain their support ahead of the Euroworking Group (EWG) tomorrow, so that Greece will not need to adopt too heavy additional measures in order for the negotiations of the 2nd programme review to advance. According to press reports, the Greek government is planning to submit a proposal regarding the duration, content and activation procedure of the contingent fiscal mechanism, in order to curb the institutions’ concerns regarding the potential fiscal gap in 2018 and beyond. According to the ESM Management Board Member Kalin Anev Janse the short-term debt relief measures for Greece, are expected to be implemented by end of January while the ESM has increased by 14% its target for long-term financing in 2017, to meet additional liquidity needs for the relief of Greek debt.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were mixed earlier on Wednesday amid caution ahead of President-elect Trump’s first official press conference due later on the day. Meanwhile, the Turkish lira eased to new historical lows despite measures announced by the Central Bank yesterday to halt the currency’s steep depreciation trend.

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