WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Oil prices remained under pressure amid lingering supply jitters, continuing to push lower long-dated bond yields. In FX markets, GBP gained some ground after the BoE’s Chief economist Andy Haldane, historically one of the most dovish MPC members, unexpectedly adopted a hawkish stance during a speech delivered at the National Science and Media museum in Bradford. Looking at today’s calendar, focus is on Fed Governor Powell who will speak before the Senate Banking Committee.
GREECE: Following the agreement at the June 15th Eurogroup, according to press reports, the Greek Prime Minister Alexis Tsipras appeared confident at a cabinet meeting that Greece should be in a position to return to the financial markets soon and expressed the opinion that bond yields would continue to fall. According to the Bank of Greece, for the period January to April 2017 travel receipts excl. cruise amounted to €956 million up by 2.3%YoY while tourism arrivals were €2.6 million increased by 3.2%YoY.
SOUTH EASTERN EUROPE
ROMANIA: Parliament voted in favor of a no confidence motion on Wednesday, which was filed last week by the ruling Social Democratic Party against Prime Minister Sorin Grindeanu’s government, just six months into its tenure.
SERBIA: The European Commission opened yesterday two more chapters under the country’s EU accession negotiations.
CESEE MARKETS: CESEE stock markets fell modestly in early European trade on Thursday, while most currencies remained range-bound. The Romanian leu regained some ground from yesterday’s 4 ½ year low hit against the euro on hopes that the current domestic political dreadlock will be soon resolved after the ousting of Prime Minister Sorin Grindeanu.
Viewers can log herebelow and read the full report: Daily Overview June 22 2017