Daily Overview of Global Markets & the SEE Region (Thursday, January 18, 2018)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on January 18, 2018 at 12:07 PM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Euro area bond yields were up on the day, remaining though within recent ranges, as investors await more hints for the ECB’s policy deliberations at next week’s monetary policy meeting. US Treasury yields were also higher across the curve with the 2-yr yield hitting a fresh decade high close to 2.06% on the view that the Fed will continue to gradually tighten its monetary policy as the US economic expansions continues and the unemployment rate is expected to fall further this year.  In FX markets, the EUR lost some ground after comments by a number of ECB Governing Council members hinted concerns over the EUR’s fast and hefty appreciation and suggested that a shift in the ECB’s forward guidance is not imminent. Looking at today’s calendar, US December housing starts and permits are due for release alongside the Philly Fed’s manufacturing survey for January and the weekly jobless claims.

GREECE: During a speech at the German Ministry of Finance Eurogroup President Mario Centeno said that Greece is on its way to turn page and complete its third economic adjustment programme in 2018. Executives from the DGComp and the Greek Ministry of Energy discussed yesterday the findings of the market test for the divestment of the Public Power Corporation (PPC) from the lignite-fired production units. The bill pertaining to the PPC divestment is expected to be tabled to Parliament by end-March 2018 while the official launch of the international open tender procedure run by PPC is to be implemented by May 2018 so that the divestment can be completed thereafter.

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets were mixed earlier on Thursday as core government bond yields moved higher and the USD gained some ground, while China’s GDP data beat market expectations adding to global growth optimism.

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