Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street closed little changed overnight and the majority of Asian equity markets ended mixed earlier on Tuesday as energy-related shares declined in tandem with falling crude oil prices while investors are trying to weigh the possibility of a Fed rate hike this year. On the flipside, European bourses stood on a firmer footing in morning trade thanks to gains in mining and banking stocks amid a rebound in the prices of metals and following positive Eurozone data. In FX markets, the US dollar lost ground earlier on Tuesday, with the DXY dollar index, a measure of the greenback’s performance against a basket of six foreign currencies, sliding to an intraday low of 94.214 in Asian trade before pulling back slightly towards 94.416 later on the day.
SOUTH EASTERN EUROPE
ROMANIA: The finance ministry sold on Monday the planned RON 500mn (~€112.2mn) of 2020 Treasury bonds at an average accepted yield of 1.81%.
CESEE MARKETS: Emerging market assets treaded water earlier on Tuesday following a recent streak of hawkish Fed officials’ comments and prevailing caution ahead of Fed Chair Yellen’s speech on Friday, while a weaker US dollar provided some support. Today’s focus in the EM space lies primarily on Hungary’s and Turkey’s monetary policy meetings.
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