Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Global equity markets kicked off the week on a firmer footing after China’s Central Bank PBoC fixed the yuan higher today. Yet, global risk appetite remains fragile amid lingering worries over the growth outlook of the global economy, lower oil prices and renewed European bank jitters. Focus today is on ECB President Mario Draghi who speaks before the European Parliament’s economic committee at 15:00 CET.
GREECE: Discussions between the Greek authorities and the EU/IMF/ESM/ECB mission heads continue on the open issues attached to the 1st programme review from respective headquarters and through the Athens-based technical teams representing official creditors. According to the local press, the mission heads are not expected to return to Athens to resume official discussions with domestic authorities before February 20th at the earliest, as it appears that quite diverse views continue to exist between the two sides on the above key deliverables.
SOUTH EASTERN EUROPE
BULGARIA: Trailing major global indices lower in this latest bout of risk aversion, the domestic stock market closed in the red on a weekly basis on Friday, largely shrugging off positive local macro data for December.
ROMANIA: The domestic currency continued along its recent appreciation trend, albeit at a slower pace, receiving additional support from Central Bank hawkish comments.
SERBIA: The euro regained ground against the local currency last week after the National Bank of Serbia (NBS) unexpectedly intervened in the FX markets last Monday buying €10mn at a EUR/RSD level of 122.25/45 in order to halt the pair’s depreciation momentum. The NBS’s broadly unexpected decision to render a 25bps rate cut, which pushed the key policy rate to a new record low of 4.25%, also provided support to the EUR/RSD.
Viewers can log herebelow and read the full report:
Daily Overview February 15 2016
