HIGHLIGHTS
August 7 2023
Global Markets
In reaction to the mixed non-farm payrolls report released on Friday, USTs rallied across the curve before they reverse some of their gains earlier today ahead of this week’s larger than expected Treasury quarterly refunding of $103bn, while the USD lost some ground, with the DXY index though still remaining within recent ranges.
Greece
Last Friday (4/8/2023), the European credit rating agency Scope Ratings upgraded Greece to investment grade. The long-term credit rating was set at BBB-, whereas the outlook changed to stable. Greece’s next assessment is on September 8th 2023 by DBRS (accepted by the Eurosystem), which currently rates Greece one notch below investment grade.
CESEE
Weakening downward trends in indicators of short-term economic activity, ahead of the Q2-2023 flash GDP release, as the annual fall of retail trade volume and industrial production decelerated in June in Hungary, and retail trade turnover exhibited a slower falling pace in Czechia.
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