Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The improved tone witnessed yesterday proved short-lived with the majority of global equity markets moving lower in early trade on Wednesday weighed down by a renewed drop in oil prices. Against this background, global sovereign bonds retained a firm tone while the USD moved lower with the DXY retreating from yesterday’s multi-session peak.
GREECE: Greece’s Prime Minister Alexis Tsipras travels today to Davos where he is scheduled to have a busy programme of meetings with a number of senior officials on the sidelines of the four-day World Economic Forum (21-24 January). Meanwhile, technical teams representing Greece’s official creditors arrived in Athens earlier this week to prepare the ground for upcoming discussions between the EC/ECB/IMF/ESM mission heads and domestic authorities in the context of the 1st programme review. According to some reports, the mission heads are not expected before January 29th.
SOUTH EASTERN EUROPE
BULGARIA: BNB governor Dimitar Radev said in a business conference in Sofia yesterday that the asset quality review (AQR) of the domestic banking sector will begin on February 15th.
CESEE MARKETS: Following yesterday’s short-lived respite, emerging bourses resumed their downtrend on Wednesday, weighed down by global growth concerns and further weakness in oil prices. In a similar vein, most CESEE currencies and government bonds broadly retreated earlier today.
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Daily Overview January 20 2016
