WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market sentiment continued to recover on Friday for the fourth session in a row following the unexpected Leave outcome of the June 23rd UK referendum. In spite of the improved market sentiment, the GBP came under renewed pressure today following comments by BoE Governor Marc Carney that further monetary policy stimulus will be needed over the summer on the back of the deteriorated UK economic outlook. Looking at today’s calendar, focus is on US June ISM manufacturing ahead of the more crucial US non-farm payrolls report due on July 8th.
GREECE: The German Vice Chancellor and Minister of Economic Affairs and Energy, Sigmar Gabriel, has visited Greece accompanied by dozens of German business executives in order to explore investment opportunities and promote cooperation between Greek and German businesses who are active in the two countries. On the economic data front, according to the Hellenic Statistical Authority, the seasonally adjusted (s.a.) overall retail trade volume index in April 2016 recorded decreases of 0.6%MoM and 1.5%YoY.
SOUTH EASTERN EUROPE
ROMANIA: At its monetary policy meeting yesterday, NBR maintained interest rates unchanged at 1.75% in line with our and the unanimous consensus view.
SERBIA: Industrial production growth decelerated sharply in May primarily as a result of the waning impact of favorable base effects, coming in at 0.9%YoY. Separately, retail trade turnover also slowed down in constant prices in May, coming in at 4.0%YoY from 9.6%YoY in the month before.
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