Daily Overview of Global Markets & the SEE Region (Monday, February 26, 2018)

Banking, Finance, Reports, Shipfinance, Statistics, Stock Markets — By on February 26, 2018 at 10:47 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The VIX volatility index closed at three-week lows on Friday, well below a peak of 50.30 marked at the height of the early-February global stocks sell-off, mostly thanks to the release of the Fed’s Monetary Policy Report on Friday — the document on which Chairman Jerome Powell will testify this week before the House (Wednesday) and the Senate (Thursday) — which supported the prevailing market view for a gradual Fed rate tightening path ahead. Elsewhere, US Treasuries and German Bunds recovered some ground in early trade on Monday while the USD was a tad lower across the board.

GREECE: The institutions’ (EC/ESM/ECB/IMF) heads are expected today in Athens in order to prepare the agenda and timetable of the 4th programme review and also assess the progress of the 88 prior actions attached to that review (so far 11 have reportedly been fulfilled). ESM Managing Director Klaus Regling stated that the institutions are ready to grant debt relief to Greece provided that the country continues the implementation of reforms. Technical discussions on debt relief as well as on the mechanism that will link debt repayment to GDP growth are ongoing and their initial conclusions are expected to be presented at the 1 March Euroworking Group. The Hellenic Parliament ratified the agreement between the Greek State and the Thessaloniki Port Authority (OLTH) S.A. for the sale of a 67% share of the latter to the preferred investor South Europe Gateway Thessaloniki.

SOUTH EASTERN EUROPE

BULGARIA: The Bulgarian equity market ended lower last week. Elsewhere, Eurobond yields on the short end of the curve came under some upward pressure. Meanwhile, Bulgarian local-currency bond yields remained largely unchanged on a weekly basis on Friday.

SERBIA: Unabated demand for RSD-denominated T-bonds dragged the EUR/RSD lower last week. However, the pair’s downside momentum was intercepted by constant presence by the National Bank of Serbia.

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Daily Overview February 26 2018

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