HIGHLIGHTS
September 13 2023
Global Markets
Government bond yields were higher on the day, both in the US and Europe. Inflation-related concerns are mounting as oil prices continued to rise amid heightened supply jitters. Meanwhile, investors adjust their positions ahead of today’s US CPI for August and the ECB’s monetary policy decision on Thursday, with futures now implying a 70% probability for a 25bps ECB rate hike, up from around 40% earlier this week.
Greece
According to the European Commission, five principal avenues of funding have been identified to aid Greece in recovering from the recent floods and the wildfires earlier this month. These funding mechanisms could collectively amount to ca €2.25bn.
CESEE
In Turkey, after a small surplus in June, the current account balance returned to a deficit in July, recording the second highest annual increase so far in 2023. Meanwhile, the seasonally adjusted unemployment rate stood in the same month at a 9.5-year low of 9.4%.
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