WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: The majority of global equity indices traded lower on Friday, as technology shares retreated from their recent rally over the past month. In FX markets, the US dollar continues to be pressured, while the Swiss franc weakened against its major currency peers on expectations that the Swiss Central Bank may keep monetary policy accommodative for longer even as the ECB may gradually taper its QE program. Looking at today’s calendar, market focus centres on the advance Q2 GDP report, with consensus estimates expecting GDP growth to bounce back to ca. 2.7%QoQ saar from 1.4% QoQ saar in Q1.
GREECE: As of yesterday, the law that requires that most categories of freelancers and other businesses install Point-of-Sale (POS) equipment has come into force. On the data front, according to the Bank of Greece, in June 2017 on a monthly basis credit to the private sector contracted by €1.5 billion while private sector deposits increased by €1.0 billion.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets were mixed earlier on Friday, with this week’s post-FOMC rally appearing to be running out of steam.
Viewers can log herebelow and read the full report: Daily Overview July 28 2017