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Daily Overview of Global Markets & the SEE Region (Friday, 28 June, 2019)
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Investors adopt a cautious stance ahead of the eagerly-awaited 1½-hour meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, scheduled around noontime on Saturday, on the sidelines of this week’s G20 summit in Osaka, Japan. With both sides expressing a desire to resume trade talks, investors see increasing chances for a trade war ceasefire and the resumption of negotiations that could lead to some reduction in trade tensions. However, reviving trade talks does not guarantee a final deal down the road and, therefore, a renewed escalation in the US/China trade dispute cannot be ruled out completely. Amid rising doubts about the outcome of the meeting, European equity markets were in a consolidation mood in early trade following Asian bourses’ poor performance in today’s session. Meanwhile, fixed income assets were moving almost sideways. Looking at today’s calendar, the main data release is the flash estimate for June euro area CPI, while, in the US, we await the core PCE index, the Fed’s preferred gauge of inflation.
GREECE: The HRADF launched today the invitation for the submission of expressions of interest for the acquisition of 30% in the share capital of Athens International Airport. Interested parties are invited to express their interest by 30 September 2019, by no later than 17:00 hours (Greek time, GMT +2). The Economic Sentiment Indicator for June 2019 recorded a small increase to 101 units from 100.8 in May.
SOUTH EASTERN EUROPE
CESEE MACRO & MARKET DEVELOPMENTS: Emerging market equities were boosted in the past two sessions amid hopes of a de-escalation in the US-Chinese trade dispute at the sidelines of the G20 summit on 28/29 June. The picture in the CESEE region is broadly similar with domestic bourses in Warsaw, Prague & Budapest trading in the red yesterday but with the respective currencies consolidating against the Euro as investors keep digesting the provided guidance in the Hungarian and the Czech Central banks’ meetings that were both held earlier this week.
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