Home Banking Daily Overview of Global Markets & the SEE Region (Wednesday, December 20, 2017)

Daily Overview of Global Markets & the SEE Region (Wednesday, December 20, 2017)

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



GLOBAL MARKETS: Along party lines, the US Republican-led Senate approved the tax bill earlier today. The House of Representatives which approved the bill yesterday, is scheduled to vote on it again later today after the Senate rejected three provisions in the Senate bill on the view that they violate the Senate’s Byrd Rule (both chambers must approve identical bills). Amid increased expectations of the US tax bill passing, US Treasury yields moved higher across the curve. Euro area core bond yields also moved higher led by a sell-off in Germany’ longest-dated paper following the German government’s announcement that it plans to sell a larger volume of 30-yr maturities in 2018 than in 2017. In FX markets, the USD edged slightly lower on the back of market concerns over whether the tax reform will have a significant positive impact on the US economy and lingering worries over whether a partial government shutdown will be avoided at the end of this week. Looking at the remainder of the day, focus will be on the progress of the US tax bill and Riksbank’s monetary policy decision at 9:30 CET where consensus is for unchanged interest rates. As far as data is concerned, today’s major releases include US existing home sales for November.


CESEE MARKETS: Emerging market assets traded mixed in early European trade on Wednesday, as uncertainty over the impact of the US tax reform over the economy overshadowed its passage in the Senate overnight.

Viewers can log herebelow and read the full report: Daily Overview December 20 2017

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