Home Banking Daily Overview of Global Markets & the SEE Region (Friday, January 05, 2018)

Daily Overview of Global Markets & the SEE Region (Friday, January 05, 2018)

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



GLOBAL MARKETS: Mirroring the positive tone in Wall Street overnight, Asian shares reached new record highs on Friday while European equity markets opened in the black with auto and technology stocks being the major outperformers. Shrugging off recent positive signs for the US economy, the DXY dollar index was trading around 92.060 in European trade on Friday, within distance from Tuesday’s three-month low of 91.751. Against this background, the EUR/USD held firm around 1.2060 at the time of writing, within sight of its 2 ½-year peak of $1.2092 hit on September 8. In the rates market, the 10-y Treasuries yields stood at 2.46%, below its 7-month peak of 2.501% hit in mid-December, as low wage growth continues to weigh on inflationary pressures. Looking at today’s calendar, the December CPI for the Eurozone takes centre stage, while in the US average hourly earnings will be the crucial part of the payroll report. On other events, the Fed’s Patrick Harker and Loretta Mester are both scheduled to speak on the Economic Outlook and on Monetary Policy Coordination, respectively.

GREECE: In the coming week the Greek government is reportedly intending to table to Parliament a multi-bill which will incorporate the required legislation for the remaining prior actions in the context of the 3rd programme review with a view to closing the review at the January 22nd Eurogroup. The Deputy Minister of Economy and Development Stergios Pitsiorlas expressed confidence that as regards the Hellinikon project, good progress is being made in addressing bureaucratic obstacles and construction works are expected to begin in 2018. The Thessaloniki Port Authority 67% Share Purchase Agreement between the Hellenic Republic Asset Development Fund (HRADF) and the preferred investor consortium company South Europe Gateway Thessaloniki Limited was signed on December 21st. The next steps consist of the approval of the agreement by the Hellenic Competition Commission and its ratification by the Parliament so that the transaction may be completed by end-Q1 2018.


CESEE MARKETS: Emerging market assets kicked off the year on a positive footing amid global growth optimism for 2018, while a weaker US dollar also boosted their high yield allure.

Viewers can log heebelow and read the full report: Daily Overview January 5 2018

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