Dr. Platon Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A.,
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Supported by its safe-haven status, gold retained a positive tone while in FX markets, the JPY and the CHF extended yesterday’s gains against the USD. The RBA monetary policy meeting earlier today proved uneventful, as expected, with the Central Bank leaving the Official Cash Rate (OCR) stable at 1.50% and releasing a policy statement with a largely unchanged tone. Looking at today’s diary, the euro area’s final service sector PMI reading and UK’s Markit service sector PMI, both for August are due for release shortly, followed by July factory orders in the US later today. A number of FOMC members are due to speak in the remainder of the week starting today with Laei Brainard at the Economic Club in NY at 13:30 CET and Neel Kashkari who will speak twice at 18:30 CET and 19:10 CET.
GREECE: The technical staff of the institutions (EU/ECB/ESM/IMF) that are expected to arrive in Athens on 11 September will reportedly tend to pending items from the 2nd programme review while the prior actions agenda for the 3rd programme review will likely be determined after the German elections (24 September) and the appointment of the German Minister of Finance.
SOUTH EASTERN EUROPE
CESEE MARKETS: Emerging market assets mostly firmed on Tuesday, after coming under pressure in the previous session on escalating geopolitical tensions.
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