Daily Overview of Global Markets & the SEE Region (Tuesday, January 30, 2018)

Markets, News, Reports, Statistics, Stock Markets — By on January 30, 2018 at 12:53 PM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Government bonds came under renewed selling pressure across the euro area and the US as investors are braced for a hawkish language from the FOMC at this week’s monetary policy meeting which commences later today. Comments by Dutch Central Bank Governor Klaas Knot that the ECB should make clear as soon as possible that it will end all purchase programmes after the current expanded asset purchase programme (APP) expires in September 2018, had also an impact. In FX markets, higher US Treasury yields helped the USD recover some of its recent hefty losses. Looking at the remainder of the day, BoE Governor Mark Carney will testify before the House of Lords Economic Affairs Committee on Brexit and the UK economy at 16:00 CET while US President Donald Trump is scheduled to deliver his first State of the Union address tonight  at 3:00CET. On the data front, the euro area Q4 GDP release, lures market attention.

GREECE: According to press reports, the Greek government intends to tap the market in the next couple of weeks with the issuance of a 7-year GGB with the aim to raise around EUR 3 billion. This will reportedly be the first out of three GGB issuances until August 2018 when the 3rd economic adjustment programme expires, with the next two being 3-year and 10-year GGBs.  The Council of State commenced yesterday the review of the draft Presidential Decree on the Integrated Development Plan of Hellinikon. The Presidential Decree is to be issued by end-June 2018.

SOUTH EASTERN EUROPE

CYPRUS: Consultations among the two candidates and within political parties ahead of the 2nd round of the Presidential elections in Cyprus on February 4th are underway, as last Sunday’s two front runners are seeking to lure other parties’ support.

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