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

Banking, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on March 9, 2018 at 10:10 AM



GLOBAL MARKETS: At its monetary policy meeting yesterday, the ECB decided unanimously to omit from the accompanying policy statement the explicit pledge that had been in place since 2016 suggesting that the Central Bank stands ready to increase the volume of monthly asset purchases and/or extend the duration of the programme, should the euro area outlook or financial conditions become less favourable. In the Q&A session, President Mario Draghi attempted to downplay the aforementioned change in the forward guidance stressing that it does not signify a signal for future monetary policy. The overall dovish tone of the ECB President and the downward revision of the 2019 HICP forecast, favored EU government bonds while the EUR/USD came under pressure, giving back all gains recorded earlier on Thursday in a knee-jerk reaction to the drop of the easing bias to QE.

GREECE: According to the official agenda, the 12 March Eurogroup will be briefed on the completion of the remaining two prior actions under the third ESM programme review and the first mission of the fourth review of the programme, which took place at the end of February. The Finance Ministry and the Public Debt Management Agency are reportedly considering a 12-month bond issue to draw EUR 1 billion.


ROMANIA: The revised estimate on the seasonally adjusted Q4-2017 GDP reading confirmed the flash estimate for growth of +0.6% QoQ/+7.0% YoY.

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