Daily Overview of Global Markets & the SEE Region (Thursday, June 21, 2018)

Banking, Chartering, Dry Bulkcarriers, Finance, Markets, Reports, Shipfinance, Statistics, Stock Markets — By on June 21, 2018 at 10:36 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Eurozone government bonds retained a firm tone in European trade on Thursday supported by lingering concerns over an escalating trade dispute between the world’s two biggest economies, the ECB’s new dovish rate forward guidance and President Mario Draghi’s comments at the ECB annual forum on central banking in Sintra that the Central Bank should take a “patient” and “gradual” approach to raising interest rates. In FX markets, the USD extended recent gains with the DXY index hitting a fresh seven-month peak of 95.406 boosted by higher US government bond yields. The GBP weakened ahead of today’s BoE MPC announcement failing to capitalize on news that the UK government won the so-called “meaningful vote” amendment.

GREECE: The Eurogroup that convenes today is expected to reach a holistic agreement comprising the completion of the 4th programme review, the potential debt relief measures and the post-programme framework. According to the 20 June draft compliance report, all prior actions required to conclude the 4th review have been completed, the ESM is on track and this paves the way for the final disbursement to Greece of an amount necessary to cover its debt servicing needs plus an amount to help build a cash buffer. The deadline for the expression of interest for the PPC’s lignite – fired production units that will be divested expires today and according to press reports 6 investment schemes are expected to participate.

SOUTH EASTERN EUROPE

CESEE MARKETS: The Turkish lira came under renewed pressure on Thursday morning, trading at 4.7559/USD lower by 0.5% compared to the previous day’s close on market concerns that the looming snap presidential and parliamentary elections on June 24th could result in a political deadlock.

Viewers can log herebelow and read the full report: Daily Overview June 21 2018

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