Home Banking Daily Overview of Global Markets & the SEE Region (Wednesday, January 13, 2016)

Daily Overview of Global Markets & the SEE Region (Wednesday, January 13, 2016)

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Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The majority of global equity markets were firmer today supported by better than expected trade data from China which somewhat eased market concerns over the growth prospects of the economy. Against this background, the USD moved higher across the board today while oil prices remained under pressure on persisting oversupply jitters.

GREECE: As part of a series of meetings with euro area finance ministers over the last few sessions in an attempt to inform them about the draft plan of a social security and pension reform the government submitted to the institutions last week, Finance Minister Euclid Tsakalotos is scheduled to meet today in Berlin his German counterpart Wolfgang Schaeuble ahead of tomorrow’s Eurogroup meeting. In other news, the Hellenic Republic Asset Development Fund (HRADF) announced yesterday that they unsealed a single binding bid for a majority 67% stake in Piraeus Port Authority that was submitted by China’s Cosco Group.

SOUTH EASTERN EUROPE

ROMANIA: Consumer inflation inched up to +0.1%MoM/-0.9%YoY in December compared to +0.3%MoM/-1.1%YoY in November, slightly below a market median forecast of +0.3%MoM/-0.8%YoY.

SERBIA: In line with our and market expectations the National Bank of Serbia (NBS) stayed put on its monetary policy yesterday, maintaining the key policy rate unchanged at the current record low level of 4.50%. Meanwhile, HICP for December came in at 1.5%, a tad above a 1.3% print recorded in the prior month, remaining below the (4±1.5%) target tolerance band for the 22nd month running as weak consumer spending, fiscal consolidation and low global oil prices are keeping price pressures at bay.

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Daily Overview January 13 2016

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