GLOBAL & REGIONAL DAILY
September 24, 2019
Eurozone preliminary PMIs for September disappointed as the Composite PMI fell from 51.9 in August to 50.4, the lowest level since June 2013, suggesting that the economy came close to stalling at the end of Q3 2019. In reaction to the above, European government bonds gained sharply and the EUR/USD weakened, retesting levels slightly below the 1.10 handle ahead of today’s Ifo business climate in Germany.
ECB President Mario Draghi stated that if Greece continues reforms, Greek bonds can be included in QE. According to the BoG, in Jul-19 inbound traveler flows increased by 2.4% while the average non-resident expenditure per trip in Greece increased by 8.9%, resulting in an increase of total travel receipts by 11.1%.
Cyprus: Moody’s changed the sovereign rating outlook of Cyprus from ‘stable’ to ‘positive’.
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