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Home Banking Daily Overview of Global Markets & the SEE Region (Friday, January 22, 2016)

Daily Overview of Global Markets & the SEE Region (Friday, January 22, 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: In spite of lower oil prices and renewed financial market jitters since the beginning of this year, the ECB stayed put on interest rates at its monetary policy meeting yesterday, in line with market expectation, after launching a new round of easing measures just a month earlier.  At the press conference that followed, President Mario Draghi adopted a more dovish than expected tone dropping clear hints for further monetary policy easing at the next meeting in March when the ECB will publish its updated macroeconomic projections.  Reacting to the ECB President’s dovish comments, German government bonds extended recent gains, European equity markets were firmer in early trade on Friday while the EUR came under pressure.

GREECE: In a statement issued yesterday after a meeting between IMF Managing Director Christine Lagarde and Greece’s Prime Minister Alexis Tsipras on the sidelines of the World Economic Forum in Davos, the Fund said that it “stands ready to continue to support Greece in achieving robust economic growth and sustainable public finances through a credible and comprehensive medium-term economic program”.

SOUTH EASTERN EUROPE

ROMANIA: The finance ministry sold at an auction on Thursday RON 220mn (~€48.6mn) of 2027 T-Bonds at an average accepted yield of 4.02%, below 4.21% achieved at a prior tender of the same paper in November 2015.

SERBIA: The Public Debt Administration sold at an auction on Thursday €115.12mn of 3-year EUR-denominated T-bonds at an average accepted yield of 3.4%. The latter stood slightly below a yield of 3.5% achieved on December 24th when paper of similar maturity was last sold, while the amount allotted fell short of the €150mn initially planned.

CESEE MARKETS: Emerging stock markets closed broadly lower on Thursday on persisting China-related jitters and lower global oil prices. European Central Bank President Mario Draghi’s comments yesterday in the post-MPC press conference provided some respite toCESEE currencies and government bonds yesterday.

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Daily Overview January 22 2016

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