WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major global bond markets retained a firm tone in European trade on Monday amid expectations that major central banks will keep their monetary policy loose for longer to address spillover effects from a UK exit following the unexpected Leave outcome of the June 23rd EU referendum. UK gilts remained the star performers. In FX markets, the GBP remained under pressure amid prevailing uncertainty on the economic and political domestic front as well as heighted expectations for further BoE policy stimulus in the near future. Looking at this week’s calendar, focus this week is on Friday’s US non-farm payrolls report for June.
GREECE: The Markit PMI Manufacturing index for Greece, came in at 50.4 in June 2016, against 48. in May 2016, exceeding for the first time this year the no change threshold of 50.0.
SOUTH EASTERN EUROPE
ROMANIA: The BREXIT referendum outcome ignited a strong rally in the domestic government bonds market.
SERBIA: The Dinar remained bound within a 122.95/15 – 124.20/40 trading range on NBS interventions on both extremes and closed at 123.25/45.
BULGARIA: Sentiment on the local equity market remained weak in line with European bourses.
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