Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Wall Street closed with modest gains overnight, while the majority of Asian bourses ended broadly higher and most European stock markets stood in a modestly positive territory earlier on Wednesday on market optimism that the UK will vote in favor of remaining in the EU on Thursday’s referendum. Comments by Fed Chair Janet Yellen yesterday, which cooled further expectations for a July rate hike, also favored risky assets.In the FX markets, the Sterling remained near yesterday’s highs, with the GBP/USD hovering around levels of 1.4683 at the time of writing within distance from Tuesday’s 5-month peak.
GREECE: The ECB Governing Council is expected to decide at its non-monetary policy meeting later today, on the reinstatement of the waiver for the use of GGBs as collateral for Greek banks’ liquidity. The first sub-tranche of ca €7.5 bn from the second installment (total €10.3 bn) was disbursed to Greece yesterday. Stronger ownership of Adjustment Programme’s implementation by the Greek authorities needed.
SOUTH EASTERN EUROPE
SERBIA: Upon the conclusion of a visit to Serbia during June 9-21, head of the mission James Roaf said in a statement issued at the IMF’s website that a staff-level agreement had been reached with Serbian authorities on policies needed to complete the fourth and fifth reviews under the county’s €1.2bn 3-year Stand-By Arrangement (SBA).
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