Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street closed modestly firmer near record highs overnight after upbeat US housing data, while the majority of Asian stock markets ended mixed and European bourses inched higher earlier on Wednesday. Trade volumes remain low in view of the summer lull and investors remain cautious eagerly awaiting Fed Chair Janet Yellen’s speech on Friday at the annual meeting of world central bankers in Jackson Hole, Wyoming for any hints on the FOMC’s monetary policy deliberations ahead. Against this backdrop, US Treasuries remained bound within tight ranges and the US dollar treaded water earlier today.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets came under renewed pressure earlier on Wednesday weighed down by intensified political noise in South Africa and Turkey and increased US rate hike expectations. In the external debt markets, the Republic of Poland opened the books for a 3-year renminbi-denominated Panda bond. In other news, as was broadly anticipated Hungary’s Central Bank stayed put on its monetary policy at yesterday’s meeting while Turkey’s maintained the key policy and overnight borrowing rates stable, rendering a 25bps cut on the overnight lending rate.
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