Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of global equity markets retained a firm tone and US Treasuries remained well supported following the more dovish than expected tone the Fed adopted at its monetary policy meeting earlier this week. In FX markets, the FOMC participants’ revised assessment of the appropriate monetary policy which implied up to two 25bps rate hikes by the end of this year compared to four projected previously, continued to weigh on the US dollar.
GREECE: Discussions between the Greek government and the institutions are ongoing in the context of the 1st programme review, with the aim being to reach an agreement on a number of fundamental issues before consultations adjourn for the Catholic Easter. Progress has reportedly been made on the issues of the tax and pension reforms, whereas differences remain on the issue of the non-performing loans.
SOUTH EASTERN EUROPE
CYPRUS: The Governing Council of the ECB decided yesterday to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Cypriot Republic effective from April 1st.
ROMANIA: The finance ministry sold at an auction on Thursday the planned RON 600mn (~€134.1mn) amount of February 2020 T-bonds at an average accepted yield of 2.14%.
SERBIA: Vindicating our and the market’s expectations, the National Bank of Serbia (NBS) stayed put on its monetary policy at its scheduled meeting yesterday, maintaining the key benchmark rate at the current record low level of 4.25%.
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