WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from Asian bourses earlier today, major European equity markets were marginally higher in early trade on Wednesday as optimism over the US-Mexico trade deal was partially counterbalanced by market anxiety over a potential further escalation in the ongoing trade dispute between the world’s two biggest economies. Meanwhile, US Treasuries came under renewed pressure in reaction to Tuesday’s data showing a higher than expected rise in the US August CB consumer confidence index. In FX markets, the DXY index was slightly firmer on the day but still not far fromTuesday’s intraday four week low of 94.434.
GREECE: According to the Bank of Greece, in July 2018, the annual growth rate of total credit extended to the economy stood at -2.5% from -2.4% in the previous month and the monthly net flow was negative at €856 million, compared with a positive net flow of €612 million in the previous month. The annual growth rate of total deposits stood at 10.1% from 10.0% in the previous month and the monthly net flow was positive at €1,128 million, compared with a positive net flow of €887 million in June 2018. The Greek PM Alexis Tsipras proceeded yesterday to a cabinet reshuffle, keeping, however, in place government officials in key ministries.
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