WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Major Asian equity indices closed in the black on Tuesday, following positive Japanese corporate earnings and better-than-expected manufacturing and trade data in China and South Korea, respectively. Mirroring the positive momentum in Asia, major European bourses opened higher on Tuesday, capitalizing on Q2 euro area GDP data which confirmed market expectations for a solid growth rate of 0.6%QoQ from 0.5%QoQ in Q1. In FX markets, the USD/JPY fell to a six-week low of 110.01 in late Asian trade on Tuesday, as US political turmoil continues to weigh on the US dollar. Capitalizing on the USD weakness, the EUR/USD hit a 2.5 year high of 1.1846 in early Asian trade on Tuesday, having risen more than 12% YTD with most of the gains coming in the last three months.
GREECE: The Economic Sentiment Indicator (ESI) in July 2017 improved significantly reaching 98.2 index units (i.u.), the highest level since February 2015 and up from 94.0 i.u. in June 2017. All individual sectoral indicators have ameliorated. According to the Hellenic Statistical Authority, the seasonally adjusted overall index in retail trade in May 2017 fell -1.8%MoM while the overall index in retail trade recorded a marginal increase of +0.3%YoY.
SOUTH EASTERN EUROPE
CYPRUS: Confidence on an upward trend in recent months, an inch from its pre-Lehman peak. The positive momentum in the tourism sector continued into H1-2017.
Viewers can log herebelow and read the full report: Daily Overview August 1 2017