Daily Overview of Global Markets & the SEE Region (Monday, January 15, 2018)

Banking, Finance, News, Reports, Shipfinance, Statistics, Stock Markets, Tankers — By on January 15, 2018 at 11:36 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The USD extended its recent losses in European trade on Monday on the view that other G10 central banks will follow the Fed in gradually normalizing monetary policy against the backdrop of improving economic growth prospects. Elsewhere, European bourses were generally weaker in early trade on Monday following two weeks of gains while euro area bonds were firmer on today’s comments by ECB’s Jens Weidmann that the risk of an imminent ECB rate hike is low. US markets are closed today for Martin Luther King Day. On the data front, interest this week will centre on China’s Q4 GDP report on Thursday. In the US, key data releases include Friday’s US industrial production data, US housing starts and permits on Thursday and the UM consumer sentiment index on Friday.

GREECE: The multi-bill with numerous prior actions in the context of the 3rd programme review is scheduled to be voted by the Hellenic Parliament this evening, with all governing coalition MPs expected to vote in favour. Outgoing Euroworking Group President Thomas Wieser said in an interview that a potential debt relief for Greece will naturally be accompanied by additional commitments on behalf of Greece. The Vice President of the Greek government Yiannis Dragasakis stated in an article that dealing with bad debtors must be a priority of national importance over the next period. According to the Hellenic Statistical Authority (ELSTAT), CPI inflation in December 2017 was 0.7% recording no change against December 2016.

SOUTH EASTERN EUROPE

BULGARIA: Bulgarian equities continued their upward momentum last week. Meanwhile, Eurobond yields experienced a significant spike. Local-currency government bonds were largely unchanced, with the yield of the 8 year tenor rising significantly.

SERBIA: The EUR/RSD largely shrugged off a recent increase in demand for hard currency amid Central Bank intervention in order to mitigate the pair’s upside momentum.

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