Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from modest gains in Wall Street overnight, Asian bourses broadly firmed on Tuesday. Bucking the positive trend elsewhere, the majority of European stock markets fell at the time of writing on disappointing earnings results from large European companies. In FX markets, the euro recovered some ground in European trade on profit taking.
GREECE: According to local media reports, the winner of Sunday’s snap general elections, leftist anti-MoU SYRIZA, has brokered a deal to form a coalition government with the right-wing Greek Independents party (ANEL). Prime Minister Alexis Tsipras, who was sworn in yesterday, is expected to announce his cabinet’s composition later today. According to local media, the post of the Finance Minister will be taken over by economics professor Yanis Varoufakis.
SOUTH EASTERN EUROPE
SERBIA: According to the latest wage data released on Monday by the Statistical Office of the Republic of Serbia, net wages stood at RSD 49, 970 (ca €410) in December, marking a 3.3%YoY decrease in real terms.
BULGARIA: According to the latest Bulgarian National Bank (BNB) monetary statistics report, deposits of the non-government sector increased modestly by 1.5%YoY in December to BGN 57.640bn corresponding to 73.2% of GDP.
CESEE MARKETS: Emerging stock markets firmed modestly on Tuesday, while CESEE currencies were mixed. Focus today is on the Hungarian MPC meeting (announcement due at 13:00 GMT), where the Central Bank is broadly anticipated to hold its fire.
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Dailyoverview January 27, 2015
