Daily Overview of Global Markets & the SEE Region (Thursday, February 22, 2018)

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on February 22, 2018 at 10:05 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: US Treasury yields hit fresh highs across the curve and the USD firmed following the release of the minutes from the 31 January FOMC monetary policy meeting late on Wednesday which raised speculation for a steeper path of Fed rate tightening ahead. Focus today is on the account of the 24-25 January ECB meeting.

GREECE: According to press reports, addressing the European Parliament’s Committee on Economic and Monetary Affairs, the Greek Finance Minister Euclid Tsakalotos explained that he is not in favour of a credit line for Greece after the expiration of the current programme because it would hurt credibility signaling instead that the Eurozone does not trust Greece. He added that a credit line would constitute a substitute to a cash buffer and not a complement; therefore, it does not make sense to have both. Eurogroup President Mario Centeno reportedly noted that Greece ought to assess and utilise all available mechanisms and tools at its disposal. Moody’s upgraded Greece’s issuer rating to B3 from Caa2 as well as its unsecured bond and programme ratings to B3/(P)B3 from Caa2/(P)Caa2 and kept its outlook ‘positive’.

SOUTH EASTERN EUROPE

CESEE MARKETS: The majority of emerging markets assets recoiled earlier on Thursday amid increased expectations for more aggressive than previously priced-in Fed rate tightening after the release of the FOMC meeting minutes yesterday. Serbia successfully exited today a $1.32bn three-year precautionary Stand-By Arrangement with the IMF.

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Daily Overview February 22 2018

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