Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their lead from the negative tone in Asian bourses, European equity markets opened lower on Tuesday weighed down by a renewed slide in oil prices. The latest bout in risk aversion favored the JPY while investors adopt a cautious tone ahead of this week’s two-day FOMC policy meeting which will commence later in the day.
GREECE: The Greek Prime Minister Alexis Tsipras presented yesterday to the Chairman of the Technical Chamber of Greece, the Chairman of the Plenary of the Bar Associations of Greece and the Chairman of the Panhellenic Medical Association a revised proposal regarding the social security reform, but, according to press reports no consensus was reached. Following S&P’s decision to upgrade Greece’s sovereign credit rating by one notch to B- earlier this week, Greek government bonds firmed with the 10-year yield trading close to 9.56% at the time of writing, having retreated from a five-month peak of 10.15% hit last week.
SOUTH EASTERN EUROPE
BULGARIA: According to the EU Commission finalized data, Bulgaria absorbed 85% of the EU funds available for the 2007-2013 program period.
ROMANIA: The finance ministry sold at an auction on Monday RON 500mn (~€76.7mn) of 5Y T-Bonds at an average accepted yield of 2.53%, 26bps lower compared to that achieved at a prior tender of the same paper in December.
SERBIA: According to the latest data released by the Statistical Office of the Republic of Serbia, average net salaries and wages paid in December 2015 amounted to RSD 51, 485 (~€ 418.4), corresponding to an increase of 16.8% compared to the prior month and an annual rise of 1.5% in real terms.
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Daily Overview January 26 2016
