Daily Overview of Global Markets & the SEE Region (Tuesday, February 27, 2018)

Markets, Reports, Statistics, Stock Markets — By on February 27, 2018 at 11:10 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: All eyes today are on Fed Chairman Jerome Powell’s first semi-annual testimony before Congress at 16:00 CET. His remarks are expected to mirror the tone of both last week’s January FOMC minutes and the semi-annual policy report released on Friday. The Fed Chair, who will present the Committee’s views rather than his own personal opinions, is anticipated to sound optimistic on the US growth outlook and increased confident in inflation moving up to the 2% target medium-term. Besides the FOMC Chairman’s testimony, Eurozone M3 money supply (10:00CET) for January and the European Commission’s February economic sentiment indicator (11:00CET) also feature high in today’s calendar.

GREECE: Addressing the Bank of Greece’s 85th Annual Meeting of Shareholders, the BoG Governor Yiannis Stournaras opined that Greece should consider a precautionary credit line facility after the current ESM programme expires as it will keep borrowing costs low and provide the Greek state and banks security about the availability of funds. Additionally, regarding the banking system he noted that the main developments in 2017 were a gradual recovery of operating profitability, the maintenance of capital adequacy at satisfactory levels, a diversification of banks’ funding sources and a small decline in the stock of non-performing exposures in line with the targets set, although this stock remains high (€100.4 billion in September 2017).

SOUTH EASTERN EUROPE

ROMANIA: The finance ministry sold on Monday RON 511.3mn (~€110mn) of T-bonds, more than double an initially planned amount of RON 200mn. The average accepted yield came in at 4.48%, 23bps higher compared to that achieved at a prior auction of the same paper held in January this year.

Viewers can log herebelow and read the full report: Daily Overview February 27 2018

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