Daily Overview of Global Markets & the SEE Region (Monday, January 29, 2018)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on January 29, 2018 at 10:46 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: European bourses were slightly lower in early trade on Monday though risk sentiment remains positive overall with US equities hitting fresh record highs in the prior session supported by ongoing optimism over a continued expansion of the global economy this year and positive corporate earnings results. On the flipside, core government bonds remained under selling pressure. With respect to FX markets, the USD gained some ground supported by higher US bond yields.

GREECE: In an interview in a local newspaper, ESM Managing Director Klaus Regling stated among others that should Greece request further debt relief then there will need to be assurances that there will be no back-tracking in reforms, primary surplus targets will be met, agreed tax policies will be implemented, privatisations will be conducted and NPLs will be reduced. The ESM Head noted that the total amount of money earmarked by the ESM for this purpose could reach EUR 8-10 billion by the end of the programme. Meanwhile, according to local press, a task force has been set up within the Euroworking Group with the participation of IMF experts, with the mandate to work on the medium-term debt relief measures that will render Greece’s public debt sustainable. The timetable reportedly foresees an in principle agreement by end-March 2018 likely coinciding with the return of the institutions’ technical staff to Athens in the context of the 4th programme review.

SOUTH EASTERN EUROPE

CYPRUS: Following the results of the first round, a run-off election will be held between the incumbent President Anastasiades and the AKEL supported candidate Mr. Mallas next Sunday.

BULGARIA: Bulgarian stocks recorded modest losses, while Eurobonds and local currency bonds yields continued rising in the past week.

SERBIA: The EUR/RSD traded within a range of 119.45/65 to 119.75/95 last week.

Viewers can log herebelow and read the full report: Daily Overview January 29 2018

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