Regional assets recover ground after initial negative reaction to Brexit vote

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Regional Economics and Market Strategy Monthly (July, 2016)

• Brexit  is a net growth and market sentiment negative but not a catastrophic event for the region’s prospects
• Modest direct trade and FDI ties with UK; Region more exposed to a Euroarea slowdown
• Important long-term political economy repercussions for the regio

• Investor sentiment improves after an initially negative knee-jerk reaction to the UK referendum
• Most emerging market bourses recovered ground in July,  government bonds extended their uptrend, while currencies were little changed over the last month or so
• Yet,  risks lie ahead

• Bulgaria: Economy on solid footing in Q2-2016
• Cyprus: Challenges and Opportunities from Brexit
• Romania: Inflation jump in June
• Serbia: Two more chapters on EU accession opened in July

Global risk sentiment improves after initial negative knee-jerk reaction after the UK referendum

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