Daily Overview of Global Markets & the SEE Region (Friday, January 20, 2017)

Banking, Company Profiles, Finance, Markets, News, Person Profiles, Reports, Statistics, Stock Markets — By on January 20, 2017 at 10:15 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: The ECB left its key policy rates unchanged at yesterday’s monetary policy meeting and there were no changes to the parameters of its asset purchase programme, in line with market expectations. ECB President Mario Draghi dismissed any suggestions that withdrawal of monetary accommodation was appropriate at this stage stressing that the Governing Council stands ready to increase the asset-purchase programme in terms of size or duration if the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation. In the FX markets, the USD lost some ground, reversing some of yesterday’s session gains, as firmer than expected US economic data were more than offset by somewhat less hawkish comments by Fed Chair Yellen. Market focus today is on Donald Trump’s inauguration as president that starts at 15:30 CET.

GREECE: In an interview at the World Economic Forum of Davos, German FinMin Wolfgang Schaeuble stated that “the Greek programme is based from the very beginning in 2010 on the participation of the IMF”. If the IMF refuses to join, it will be a sign that Greece isn’t sticking to its commitments and “the programme will be ended because the precondition of the programme, the basis, is destroyed.” Meanwhile, as regards the pending items pertaining to the energy market reform in the context of the 2nd programme review, the Minister of Energy George Stathakis appeared confident at a press conference yesterday that there is significant scope of convergence with the institutions.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were mixed earlier on Friday as market caution ahead of president-elect Trump’s inauguration overshadowed positive GDP data from China and a somewhat less hawkish tone by Fed Chair Yellen yesterday.

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