Daily Overview of Global Markets & the SEE Region (Friday, January 26, 2018)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on January 26, 2018 at 11:36 AM

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



GLOBAL MARKETS: In line with market expectations, the ECB left unchanged its monetary policy and its QE guidance at Thursday’s meeting yesterday, repeating that the Central Bank stands ready to increase both the size and the duration of the programme, if needed. The ECB also maintained its forward guidance on interest rates, as expected, and expressed concerns about FX volatility. On the hawkish side, the ECB expressed a positive view on the euro area’s growth prospects and reiterated that inflation is expected to rise gradually in the medium term. Responding to the ECB’s optimism on the euro area’s outlook, the EUR/USD hit a fresh three-year high on Thursday before pulling back the following day on remarks by US President Donald Trump that “ultimately” he wants to see a stronger USD, contradicting comments by US Treasury Steven Mnuchin just a day earlier that a weak USD is good for the US economy. Looking at today’s data calendar, the main highlights include the preliminary estimate for Q4 GDP in the US and the UK.

GREECE: Greek PM Alexis Tsipras met yesterday IMF Managing Director Christine Lagarde on the sidelines of the World Economic Forum. According to a statement made by the PM’s press office, during the meeting it was agreed that technical discussions for the successful conclusion of the third programme and debt relief are to be intensified, while the settlement of debt relief must have been completed before the end of the programme. Some progress has been made on the Hellinikon concession project with the decision of the Council of State to reject an appeal to designate a number of buildings on the site as historical monuments but a number of actions related to the project are still pending.


CESEE MARKETS: The majority of emerging market assets extended their recent gains in early European trade on Friday.

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