WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from the positive tone in the majority of Asian bourses earlier today, major European equity markets were firmer in early trade on Friday after the killing of a British pro-EU lawmaker appeared to have been interpreted by investors as swaying sentiment towards the “Remain” camp. In this context, major global sovereign bond yields moved modestly higher while the JPY retained a firm tone assisted by lingering Brexit jitters and the BoJ’s decision this week to refrain from adopting further policy stimulus.
GREECE: As was expected, the Eurogroup approved at its meeting yesterday (Thursday, June 16th), the supplementary MoU and the release of the next loan sub-tranche to Greece amounting to €7.5bn which is expected to arrive in state coffers early next week, ahead of the EU referendum in the UK on June 23rd.
SOUTH EASTERN EUROPE
CESEE MARKETS: Most emerging markets assets staged a relief rally earlier on Friday as risk sentiment somewhat improved, paring part of the recent losses suffered in view of mounting investor caution ahead of the UK’s EU referendum on June 23rd. The majority of CESEE stock market and government bonds also recovered some ground in morning trade today, while regional currencies were little changed on a daily basis remaining near recent lows.
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