Daily Overview of Global Markets & the SEE Region (Friday, 19 July, 2019)
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Market sentiment towards risk assets improved in early trade on Friday with Asian bourses ending higher followed by modestly firmer European equity markets in the early hours of today’s trading, on new dovish Fed signals. Meanwhile, USTs remained well supported while European government bonds continued to move higher supported by a Bloomberg story suggesting that ECB staff has begun a preliminary study on a potential revamp of the central bank’s inflation target. In FX markets, the EUR/USD continued to struggle around the mid of the 1.1200-1.1300 recent range as investors retain a cautious tone ahead of the upcoming policy meetings by both the Fed and the ECB later this month. Elsewhere, the GBP gained some ground across the board on stronger than expected UK retail sales and news that UK MOs voted for a plan to prevent the next PM from proroguing parliament to push through a no-deal Brexit without the parliament’s consent.
GREECE: According to press, the Greek government is working on a tax bill that will incorporate amendments to the property tax, a number of other real estate taxes and the scheme for the settlement of debts to the tax authorities and the social security funds. A second bill will foresee changes to the income tax rates on persons and corporations.
SOUTH EASTERN EUROPE
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