Daily Overview of Global Markets & the SEE Region (Wednesday, January 18, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on January 18, 2017 at 10:50 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: In her much anticipated speech yesterday, UK Premier Theresa May set out the government’s 12 negotiating priorities plan for upcoming Brexit negotiations, including, among others, gaining control over immigration from the EU, taking the country out of the jurisdiction of the European Court of Justice and signing major free trade deals. She also confirmed that the UK parliament will vote on the final Brexit agreement before it enters into force, providing some relief for sterling. With the reflation theme continuing to exert an impact on market sentiment, focus today is on US December CPI.

GREECE: According to press reports, the Greek Deputy Finance Minister George Chouliarakis is planning to present to the institutions at the 26 January Eurogroup a proposal of a revised, more reliable and automatic contingent fiscal mechanism. On the same wavelength the Greek government spokesman Dimitris Tzanakopoulos stated yesterday that Greece is willing to adopt a reinforced contingent fiscal mechanism that will remain in effect even beyond 2018 and will include provisions for pension and wage cuts, a VAT increase and a tax-free threshold decrease. In exchange, European institutions are asked to specify now the medium term debt relief measures and explicitly commit to implementing them upon completion of the current bailout programme, sometime in H2 2018.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were little changed earlier on Wednesday as caution prevailed ahead of the ECB meeting decision tomorrow.

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Daily Overview January 18 2017

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