Daily Overview of Global Markets & the SEE Region (Friday, February 09, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on February 9, 2018 at 11:49 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The BoE MPC voted unanimously at the February 7 meeting to keep its Bank Rate at 0.50% and maintain its current stock of asset purchases at GBP435bn. However, it adopted a more hawkish than expected tone, raising worries over a steeper path of rate hikes. In a knee-jerk reaction to the above, UK government bond yields moved higher while global equity markets came under renewed selling pressure. In FX markets, amid renewed Brexit related jitters, the GBP gave back most of yesterday’s post-BoE gains while the CHF was among the main outperformers favored by its safe-haven appeal.

GREECE: The Hellenic Republic tapped the markets anew yesterday with a 7-year bond issue priced at a 3.5% yield in order to raise EUR 3 billion with the issue being more than twice over-subscribed. The Euroworking Group that convened yesterday reportedly discussed the mechanism that will link debt servicing to GDP growth, the potential medium-term debt relief measures and the outstanding prior actions for the disbursement of the loan tranche attached to the 3rd programme review. During his visit in Athens, European Commissioner for Economic and Financial Affairs Pierre Moscovici stated that in June 2018 there must be a global agreement on how to conclude the economic adjustment programme but also on the medium-term debt relief measures. According to the Hellenic Statistical Authority (ELSTAT), the seasonally adjusted unemployment rate for November 2017 was 20.9% compared with 23.3% in November 2016 and 20.9% in October 2017.

SOUTH EASTERN EUROPE

CESEE MARKETS: Most Emerging Market assets came under renewed pressure in early European trade on Friday in view of a new bout of selling in global stock markets.

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