Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US non-farm payrolls increased more than expected in December and the unemployment rate declined to the lowest since June 2008. Yet, average hourly earnings unexpectedly dropped, supporting the view that, although the US economy remains on a recovery path, the Fed will probably adopt a cautious stance on hiking interest rates in the months ahead. Against this environment, US Treasures firmed while the USD gave back some of its recent hefty gains
GREECE: Responding to a number of recent press reports suggesting that there have been significant deposit outflows from domestic MFIs in recent weeks due to political uncertainty ahead of the January 25 general election, the Bank of Greece issued a statement on Sunday saying that “the Bank of Greece along with the ECB are monitoring closely the developments and intervene whenever this is necessary. On the data front, arrivals of non-residents from abroad increased by 22.2%YoY in the period January-September 2014.
SOUTH EASTERN EUROPE
SERBIA: Fitch affirmed on Friday Serbia’s long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘B+’, with Outlook Stable.
CESEE MARKETS: Emerging stock markets kicked off the week little changed, while the majority of CESEE currenciesremained under pressure in European trade on Monday and government bonds retained a firm tone, as the door is open for further Central Bank monetary easing ahead.
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Dailyoverview January 12, 2015
