Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major US stock indices edged lower overnight, the USD weakened and US Treasuries gained as US President Donald Trump’s protectionist trade stance has undermined optimism about the US growth outlook. Favored by the USD’s weakness, the GBP/USD bounced to the highest level since mid-December with investors awaiting the UK Supreme Court’s ruling later today on whether a parliamentary vote is required to allow the government to trigger Article 50. Focus today is also on the Italian Constitutional Court’s ruling on the Lower House electoral law which is expected to be critical on the probability of early elections.
GREECE: The Greek FinMin Euclid Tsakalotos sent yesterday to official lenders a letter to prepare the ground ahead of the upcomingJanuary 26th Eurogroup. The ESM and EFSF Boards approved yesterday the unfreezing of the short-term debt relief measures for Greece. Data released by the Bank of Greece on the balance of travel services for November 2016, show an increase in international arrivals by 11.7% but a drop in travel receipts by 13.8% due primarily to a 24% decrease in the average non-resident expenditure per trip.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets were mixed earlier on Tuesday amid worries over US President Trump’s policies. Focus today is on MPC meetings in Turkey and Hungary.
Viewers can log herebelow and read the full report: Daily Overview January 24 2017
