HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US tariffs on more than 800 imported goods from China worth $34bn took effect earlier today, with China’s Ministry of Commerce reportedly saying that it is forced to retaliate with tariffs on $34bn imported US goods including autos and agricultural products. Already priced in by global markets, the imposition of US tariffs was absorbed peacefully with major equity indices trading in the black on Friday. In FX markets, the EUR/USD climbed to a three-week high of 1.1727 in Asian trade, capitalizing on strong German industrial orders and US Ambassador to Germany Richard Grenell’s proposal to eliminate vehicle-import tariffs on both sides of the Atlantic. On the macro data front, market focus today centres on the US nonfarm payrolls for June, where consensus is for a 195k monthly rise following an increase of 223k in May.
GREECE: According to the study “The prospects of road tourism in Greece in 2018” released by SETE Intelligence, Greece ranks 1st among the touristic destinations for visitors from Serbia, Bulgaria, Turkey, Albania and FYROM and 2nd for visitors from Romania. According to the study “Digital payments after the capital controls: Support measures and tax revenues” published by the Foundation of Economic and Industrial Research (IOBE/FEIR), the use of payment cards in Greece more than tripled in value between 2014 and 2017.
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