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Daily Overview of Global Markets & the SEE Region (Thursday, 4 July, 2019)

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Daily Overview of Global Markets & the SEE Region (Thursday, 4 July, 2019)

HIGHLIGHTS

WORLD ECONOMIC & MARKET DEVELOPMENTS

GLOBAL MARKETS:   USTs ended higher overnight — US markets are closed for the observance of Independence Day— and European bond markets remained well supported in early European trade today, favored by increased expectations for further monetary policy easing by major central banks very soon amid slowing global growth. Favored by investors’ appetite for positive yield in the ocean of negative-yielding European government bonds, EMU periphery bonds continued to perform well. Italy remained among the main outperformers also favored by the EU Commission’s decision that an excessive deficit procedure was no longer warranted. In FX markets, the EUR/USD was trading slightly below the 1.1300 handle with markets awaiting Friday’s US non-farm payrolls data ahead of Fed Chairman Jerome Powell’s semi-annual testimony before the US Congress next week.

GREECE: Greek government bonds continue their rally with the 10-year GGB yield reaching 2.028% and the 5-year GGB yield reaching 1.010% at the time of writing. On the privatisations front, the concessionaire of Hellinikon, Lamda Development, announced that the Joint Ministerial Decision that was issued yesterday and concerns the metropolitan park contains provisions that put at risk the investment.

SOUTH EASTERN EUROPE

TURKEY: Daily Overview JULY 04 2019

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