Daily Overview of Global Markets & the SEE Region (Thursday, February 08, 2018)

Banking, Finance, Markets, News, Reports, Shipfinance, Statistics, Stock Markets — By on February 8, 2018 at 10:40 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Taking their cue from US Treasuries, core euro area government bonds remained under pressure in European trade for the second session in a row with the 10yr Bund yield risign slightly above 0.76% amid concerns about a further widening in the US general budget deficit. Adding to the above, Chancellor Angela Merkel’s alliance of Christian parties reached an agreement with Social Democrats for the formation of a new grand coalition. In FX markets, the EUR/USD extended recent losses hitting a multi-session low of 1.2223 earlier today. Focus today is on the BoE which will simultaneously publish its February Inflation Report, the MPC policy decision from the meeting that ended yesterday (13:00 CET) and the MPC minutes.

GREECE: The Euroworking Group that is scheduled to convene today will discuss, among others, the progress in the outstanding 3rd review prior actions, which according to press sources are still around 6 or 7. In its European Economic Forecast Winter 2018 interim report, the EC keeps unchanged its forecast for GDP growth in Greece at 1.6%YoY for 2017, 2.5%YoY for 2018 and 2.5%YoY for 2019. GDP growth is expected to be fueled by strong consumption growth, moderate investment growth and net exports. According to the Hellenic Statistical Authority (ELSTAT) provisional data, the total value of exports-dispatches for the 12-month period January – December 2017 increased by 13.2%YoY standing at EUR 28,832 million while the total value of imports-arrivals increased by 13.7%YoY at EUR 50,258 million. The deficit of the trade balance for the said period rose by 14.4%YoY amounting to EUR 21,426 million.

SOUTH EASTERN EUROPE

CESEE MARKETS: Most Emerging Market assets came under renewed pressure as core government yields and the USD rose, while sentiment remained fragile after the recent sell-off in global equity markets amid worries over higher interest rates around the globe.

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