Daily Overview of Global Markets & the SEE Region (Wednesday, January 10, 2018)

Banking, Finance, Markets, News, Shipfinance, Statistics, Stock Markets — By on January 10, 2018 at 11:30 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Taking a lead from higher US Treasury and JGB yields, core Eurozone government bond yields were under upward pressure in early trade on Wednesday on market perception that the BoJ is likely poised to begin normalizing their ultra-easy monetary policy. A wave of new debt supply from top-rated euro area countries, was also a driver behind higher core euro area sovereign bond yields. EMU periphery sovereign bonds outperformed on the view that, in spite of positive euro area growth prospects, inflation pressures are expected to remain contained mainly due to significant slack in the labor market suggesting that higher ECB rates are a distant prospect. In FX markets, the USD remained under some pressure in European trade, presumably due to some position squaring after several weeks of weakness. Today’s calendar features US December import prices and the UK November IP report while speeches by Fed policymakers Charles Evans, Rober Kaplan and James Bullard are probably worth market attention. 

GREECE: The multi-bill with a number of prior actions included in the conditionality of the 3rd programme review was tabled yesterday to Parliament and is expected to be voted by January 16th. The multi-bill foresees among others: 1) the conduct of auctions for debt towards banks and other private entities solely electronically as of 21 February 2018, 2) the non-setting up of the Pubic Participations Company, which was intended to be a subsidiary of the Hellenic Corporation of Assets and Participation (HCAP), and the transfer of its intended holdings directly to the HCAP, 3) the exclusion from the companies to be transferred to the HCAP of OSE, KTYP, ELVO and Attiko Metro, 4) the increase of the quorum to 50% for calling a strike by first degree unions and 5) the reform of the family benefits system.

SOUTH EASTERN EUROPE

CESEE MARKETS: The majority of emerging market assets remained under pressure earlier on Wednesday as higher yields from major developed economies dented their high yield allure.

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