Daily Overview of Global Markets & the SEE Region (Thursday, January 19, 2017)

Banking, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on January 19, 2017 at 10:03 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



GLOBAL MARKETS: Major equity markets in Asia moved lower on Thursday while USD rebounded and long-dated US Treasury yields rose, after Fed Chair Janet Yellen adopted a hawkish tone in a speech to the Commonwealth Club of California yesterday signalling that the Central Bank is poised to pursue a path of steady interest rate hikes. In spite of today’s up move, the DXY index remained below the recent peak on market anxiety ahead of US President elect Donald Trump’s inauguration on Friday.  Focus today is on the ECB monetary policy meeting, where the Central Bank is expected to stay put on its monetary policy and President Mario Draghi is anticipated to adopt a dovish stance stressing that risks to the growth outlook are skewed to the downside and underlying inflation remains weak.

GREECE: According to press reports, during the 12 January Euroworking Group (EWG), European officials discussed the possibility of the departure of the IMF from Greece’s bailout programme expressing various positions on the subject and presenting potential consequences that this may cause. In any case, European officials are said to argue that a potential withdrawal of the Fund would be a rather negative development that would potentially require a new deal which could take months to materialise, most probably not before the German elections in September 2017. In spite of the delays caused by the uncertainty regarding the IMF’s participation in the programme, Greece’s primary target remains the completion of the 2nd programme review by end-February so that Greek eligible bonds can be included in the ECB QE programme in March.


CYPRUS: Tourist arrivals reached 3.2mn in 2016, setting an all-time record high in the history of the Republic.

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Daily Overview January 19 2017

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