Daily Overview of Global Markets & the SEE Region (Wednesday, December 13, 2017)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on December 13, 2017 at 10:31 AM

Dr. Platon , Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The FOMC is widely expected to raise the target range for the federal funds rate by 25bps to 1.25-1.50% at this week’s two-day monetary policy meeting that is scheduled to conclude today at 20:00 CET, a move already well communicated by committee members. Focus will be on the updated projections, which are expected to be little changed with the exception of the unemployment rate. The policy announcement will be accompanied by the updated Fed ‘dot plot’ which is likely to continue signaling three hikes in 2018 and two in 2019. A press conference by Chair Janet Yellen will follow half an hour after the conclusion of the meeting where she is unlikely to signal a significant shift in the FOMC’s policy stance. With markets likely to shrug off the anticipated FOMC rate hike, today’s US inflation data for November are likely to be the key market mover.

GREECE: According to press reports, notaries in Athens, Thessaloniki, and the Aegean islands decided to abstain today from physical auctions, in an effort to put pressure on the government to see through its commitments to legislate measures that will ensure their safety during auctions. However, electronic auctions will take place as planned. According to the Bank of Greece monthly balance sheet data, Eurosystem funding for Greek banks in November 2017 dropped to EUR32.9 billion (ECB funding EUR13.0 billion and ELA funding EUR 19.9 billion) from EUR37.3 billion in the previous month.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets treaded water earlier today as caution prevailed ahead of the conclusion of the two-day FOMC meeting later on the day.

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