Daily Overview of Global Markets & the SEE Region (Thursday, December 14, 2017)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on December 14, 2017 at 11:15 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In line with market expectations, the FOMC delivered a 25bps rate hike at this week’s monetary policy meeting which concluded yesterday. The updated projections revealed stronger GDP growth with Chairman Janet Yellen saying in the post-meeting press conference that “most” FOMC participants have incorporated some of the projected impact of the tax reform into their projections. However, inflation projections were little changed suggesting that any impact on inflation from the awaiting tax reform is expected to be moderate. The Fed dots were kept broadly unchanged continuing to imply three hikes in 2018, two in 2019 and one more in 2020. Reacting to the Fed’s prevailing cautious stance on inflation, the USD moved lower. With the FOMC meeting out of the way, focus today is on the ECB and the BoE policy meetings.

GREECE: According to press reports, the methodology that the ECB will apply to the upcoming EU-wide stress tests will be uniform across all European banks while the assumptions for the baseline and adverse scenarios for Greek banks are expected to be communicated to the authorities in early January.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were mixed in early European trade on Thursday as investor caution prevailed ahead of this year’s last ECB meeting due later today.

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