GLOBAL & REGIONAL DAILY (Tuesday 7 July 2020)
GLOBAL & REGIONAL DAILY
July 7 2020
US June releases continue to surprise positively with yesterday’s non-manufacturing ISM index rising by a higher-than-expected 11.7pt to 57.1. Adding to market optimism that the global economic activity is rebounding strongly from the April’s trough, Eurozone retail sales jumped by 17.8%MoM in May, offsetting a big part of the 22.7% cumulative decline recorded in the prior two months.
The new household insolvency framework is at the centre of talks between the Greek government and the institutions. On the pandemic front, 43 new cases were recorded yesterday, 36 of them located at the entry points of the country.
Cyprus: In its baseline growth scenario, the Central Bank forecasts that GDP will shrink by -7.3% in 2020, followed by a rebound of 5.6% and 4.1% in 2021 and 2022 respectively.
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