Daily Overview of Global Markets & the SEE Region (Wednesday, January 31, 2018)

Banking, Finance, News, Reports, Shipfinance — By on January 31, 2018 at 10:24 AM

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

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: In his first State of the Union address since becoming US President, Donald Trump urged lawmakers to work towards bipartisan compromises but pushed a hard line on immigration insisting on a border wall with Mexico and other concessions from Democrats as part of any deal to potentially expand the Deferred Action for Childhood Arrivals program (DACA). Market reaction to Donald Trump’s speech was muted as investors seem reluctant to establish fresh sizable positions ahead of the conclusion of the two-day FOMC monetary policy meeting later today. US Treasury yields hit fresh multi-year highs overnight before moving slightly lower in European trade on Wednesday. In FX markets, the USD resumed its downtrend, poised to record the biggest monthly drop since March 2016 weighted down by prevailing US structural and political woes.

GREECE: The European Banking Authority (EBA) is expected to formally launch today the EU-wide stress test at 5pm UK time. As regards the commitment of the Greek government in the context of the 3rd economic adjustment programme to align the property values with market prices due by end-March 2018, certified appraisers reportedly claim that the deadlines are too tight and that it is not unlikely that an extension will eventually be required. The Economic Sentiment Indicator reached a 38-month high in January 2018 up by 0.6 points at 101.9, driven by an improvement in confidence in construction (+7.9 points), retail (+2.2 points) and industry (+1.0 points), while confidence deteriorated in services (-4.5 points) and among consumers (-0.7 points).

SOUTH EASTERN EUROPE

CESEE MARKETS: Emerging market assets broadly firmed in early European trade on Wednesday as the US dollar lost ground ahead of the conclusion of the 2-day FOMC meeting later on the day.

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