WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from gains in Wall Street overnight, Asian and European equity markets were firmer today, helped by increased expectations for a new stimulus package from the Japanese government to support the domestic economy and mounting speculation for a 25bps interest rate cut by the BoE on Thursday. In FX markets, the GBP/USD hit a one-week-high of 1.3336 in early European trade on reduced political uncertainty, while the USD/JPY consolidated near yesterday’s 2-1/2-week high of 104.97. On the macro front, Eurozone industrial production for May and US Fed’s Beige Book are due later in the day. Speeches by Dallas Fed President Robert Steven Kaplan and Philadelphia Fed President Patrick Harker are also expected to lure market attention.
GREECE: Talking to reporters yesterday after Ecofin, the Greek Finance Minister Euclid Tsakalotos appeared confident that the 2nd programme review due to begin in October 2016 will be concluded swiftly given that it is to the benefit of Greece to avoid delays. The Public Power Corporation (PPC) extended yesterday an invitation for the expression of interest to participate in the tender procedure for the acquisition of a 24% stake in the share capital of ADMIE.
SOUTH EASTERN EUROPE
BULGARIA: CPI fell by 0.1%MoM in June, bringing the year-on-year rate to -1.3% from -2.0% in the prior month, vs. a market’s median forecast of -1.7%.
SERBIA: The consumer price index rose by 0.1% on a monthly basis in June, bringing the annual rate of increase to 0.3%, the lowest level since January 2015, from 0.8%YoY in the prior month.
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