Home Banking Daily Overview of Global Markets & the SEE Region (Tuesday, February 14, 2017)

Daily Overview of Global Markets & the SEE Region (Tuesday, February 14, 2017)

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Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS: The recent uptrend in global equity markets, which sent US equity indices to new all-time highs overnight, was disrupted on Tuesday as Japanese stocks led Asian bourses lower following the resignation of Michael Flynn, U.S President Donald Trump’s national security adviser, late on Monday. In Europe, Stoxx600 opened modestly lower, shrugging off European Commission’s upwardly revised euro area growth and inflation forecasts. In FX markets, the US dollar gave back some of its recent gains after US national security adviser quit, with the DXY dollar index trading around levels of 100.75 in European trade and the EUR/USD rising close to 1.0630 at the time of writing, up from yesterday’s one month low of 1.0590. Focus today centers on Fed Chair Janet Yellen’s semi-annual testimony to the Senate Banking Committee.

GREECE: The Hellenic Statistical Authority announced today the flash estimate for the Q4:2016. Seasonally adjusted real GDP growth in Q4:2016 was at -0.4% on a quarterly basis and at 0.3% on an annual basis. On an annual basis real GDP growth was at 0.3% in 2016 in line with the respective European Commission reading published yesterday.

SOUTH EASTERN EUROPE

ROMANIA: According to the flash estimate release, real GDP on an unadjusted basis expanded by 4.7% YoY in Q4-2016 bringing the FY estimate at 4.8%.

CESEE MARKETS: Trailing losses in major Asian and European stock markets earlier today, the majority of CESEE bourses stood in the red in morning trade, while regional currencies and government bonds were modestly firmer. Market caution ahead of Fed Chair Yellen’s speeches on Tuesday and Wednesday also prevailed. Against this backdrop, preliminary GDP data for Q4 2016 released in the region earlier today seemed to be largely shrugged off.

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Daily Overview February 14 2017

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