Daily Overview of Global Markets & the SEE Region (Wednesday, January 9, 2019)

Banking, Finance, Shipfinance — By on January 9, 2019 at 10:41 AM

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: Mirroring the positive tone in Wall Street overnight, most global equity indices traded in the black on Wednesday on growing optimism for progress in the ongoing US-China trade negotiations after President Trump’s comments that “talks with China are going very well”. Positive risk sentiment led to a further decline in Treasuries, with the 10yr respective yield rising to a six-session high of 2.74%, well above its one-year low of 2.54% hit following the release of the weaker than expected US ISM manufacturing report on Thursday. In FX markets, commodity-related currencies such as the Australian and the Canadian dollar were boosted by a rise in oil prices, while the DXY dollar index was trading around 95.760 in early European trade, within distance from an 11-week low of 95.638 hit on Monday.

GREECE: The Greek Finance Minister Euclid Tsakalotos stated in an interview yesterday that the Greek government is in a waiting mode regarding the issuance of new government bonds until the conditions are right and reiterated that Greece is equipped with a significant cash buffer (EUR26.5 billion in September 2018 according to the Public Debt Management Agency). He also expressed optimism that the 2nd enhanced surveillance review will be positive and will allow for the return of the first installment of the SMP and ANFA profits of EUR600 million.

SOUTH EASTERN EUROPE

ROMANIA: The National Bank of Romania (NBR) maintained the key policy rate (KPR) unchanged at 2.5% and the minimum reserve requirements (MRR’s) for both FX and RON denominated liabilities at 8% yesterday.

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