Daily Overview of Global Markets & the SEE Region (Friday, January 19, 2018)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on January 19, 2018 at 10:25 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The USD remained under pressure in European trade on Friday with the DXY index hovering within sight from yesterday’s fresh three-year lows amid worries over a possible US government shutdown. The House of Representatives approved this week another short-term spending bill to keep the federal government operating until mid-February. The draft bill has now been submitted to the Senate where a vote is expected today at 19:30GMT, a few hours ahead of the midnight deadline. Elsewhere, both US Treasuries and Bunds were under pressure with the long-end underperforming on firmer than expected GDP data from China earlier this week. Looking at today’s calendar, we expect UK retail sales for December and the UM consumer sentiment index for January. Separately, Moody’s will review its assessment on Germany’s sovereign credit rating while Fitch will update that of Spain.

GREECE: The Eurogroup of January 22nd will be briefed on the progress of the 3rd review of Greece’s economic adjustment programme with a focus on the implementation of the remaining prior actions. With regard to the post-programme regime for Greece, a European official reportedly stated that Greece’s case is somewhat different from that of other countries that exited similar economic adjustment programmes due to the fact the Greece is requesting debt relief. The IMF Communications Director Gerry Rice reiterated during a press briefing the position of the IMF to activate the Stand-By Arrangement for Greece once two conditions have been fulfilled: the implementation of the policy programme and the debt relief that would ensure debt sustainability. The updated S&P credit rating for Greece is expected today.

SOUTH EASTERN EUROPE

Cyprus: Tourist arrivals hit a new record in 2017 vindicating earlier expectations.

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