Home Banking Daily Overview of Global Markets & the SEE Region (Tuesday, February 06, 2018)

Daily Overview of Global Markets & the SEE Region (Tuesday, February 06, 2018)

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GLOBAL MARKETS: Mounting inflation worries appear to be the main trigger for the latest sell off in global equity markets after last week’s January non-farm payrolls data showed a 2.9%YoY increase in average hourly earnings, the highest since mid-2009, raising worries over a steeper path of Fed rate tightening. Keen to avoid further risk taking, investors appear to be shifting to safe-haven core bonds. Looking at today’s calendar, Germany’s December factory orders and US December trade balance are the main releases of note. Elsewhere, St. Louis Fed President James Bullard is scheduled to speak at the 29th Annual Gatton College of Business and Economics Economic Outlook Conference in Lexington, Kentucky.

GREECE: The EU Commissioner for Economic and Financial Affairs Pierre Moscovici is expected in Athens on February 8 and 9 and will reportedly have meetings with the Greek Prime Minister Alexis Tspiras, the leaders of the two main opposition parties, the Ministers of Finance and Economy and representatives of the Hellenic Federation of Enterprises and the Greek Tourism Confederation. The Public Debt Management Agency has reportedly decided to briefly postpone the issuance of a 7-year GGB following the sharp drop in global equity markets.

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